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I've tried the Rega Fono on the P5. There are others that sound significantly better, more dynamic, open and live-sounding. The Fono is probably good on the P1 or P2. The P5 deserves a better phono stage as it allows the quality of a superior phono stage to shine through. I'm still looking for one myself without breaking the bank. You might want to look at the Dynavector P75Mk2 considering you have the Dynavector cart.
With the Dynavector cartridge, why not try the Dynavector P-75 MK-II phono pre-amp?
It's gotten great reviews and retails for roughly $800 US. I had one with my Dynavector DV-20X Low MC cartridge and the combo was very special especially when configured in Phono Enhance (PE) mode.
If not, you should also take a serious look at the Ray Samuels F-117 Nighthawk MC/MM phono pre-amp. It retails for $795 US and as most reviewers have suggested, this thing can beat phono pre-amps up to $4000. I've been using one for about 1 week now and it is truly an amazing phono pre-amp. Don't let the price fool you.....
Nice decision.........If the music sounds good, and you're looking forward to listening to your records, then you'll be happy. If the sound of music makes you happy, you're in good shape. If you're too worried about the equipment, you may need to re-examine your focus. My Rega P3-24/Exact 2 sounds great through the built-in phono stage of my Rogue Audio Cronus integrated amp. Would it sound better if I spent more $$$ on a more expensive outboard phono stage ? Of course it would, but I love my LP collection's sound of music just the way it is now. So if you're happy with your Luxman, keep it, enjoy it, and Happy Listening.