An upgrade always helps. I would also look at the Moth TTs from Brit Audio. They are OEM Rega models and great bang for the buck. You will need to upgrade your phono stage and you might look at the range of stages from Needle Doctor. www.underwoodfhfi.com has some great products off their web site. You might get a good package price on a Music Hall with a phono stage. The MMF5 has a pretty good cartridge pre-mounted. If you plan on keeping your files in MP3 format you might use what you have. If you are going to store them as wav files then an upgrade might be in order.

I would suggest doing some listening tests using different bit rates on MP3 files prior to transferring all your vinyl. I have found that MP3's coded at the lower bit rates sound truly awful. 256K is to my ears the minimum acceptable bitrate. Even at 256K MP3 files are only good enough for background listening with my ears and current gear. My audio buddies agree with me on this. Under serious listening conditions any MP3 file is inadequate. Bottom line - the better your source signal the better the results, especially for straight transfer to CD. For lower bit rate MP3's it probably doesn't make a lot of difference.