I wouldnt skimp on a turntable. Get something newer IMO Turntable technology HAS improved over the years.
I run my turntable into a vintage Fisher 400 Tube receiver ($300-$500 on Ebay) and it sounds amazing. I also use a pair of vintage Dynaco A25 speakers (around $100-$150 on ebay) which sound fantastic. They have such rich bass for such small speakers.
I cant even listen to CDs anymore
Before I bought my setup I did a lot of research on this site:
www.audiokarma.com
I would also strongly recomend a decent record cleaning machine.
Collecting Vinyl has become an awesome hobby that im very happy that i got into.