Have to disagree with the above response. Assuming the table is in good condition, the only thing you'll be giving up to higher priced tables is rumble and the ability to track some of the higher end cartridges. Like any other table it's finding the right combination of arm ,cartridge, & deck.
I've spent about a year collecting & refurbishing old Elac, BSR, and Dual tables and I'm constantly astonished at how good they can sound when properly set up.
For the higher mass Elac arms a lower compliance cartridge is generally the rule. The Grado Prestige series are particularly good matches for the Elac 50, 750 & 770 series tables. I suggest the Blue or the Red for the 50H. You should also replace the interconnects with a modern, high quality, low capacitance pair. The overhang gage on the table is quite accurate and some of the headshells even have a VTA adjustment. The resulting sound is DEFINATELY high end and will shame any CD player under $500. Plus it's way retro-cool. My system is extremely revealing (Apogee Studio Grands, Mod Squad Phono Drive, & Reference Line Electronics)and I hear no signs of mistracking on my 50H, 750MKII, or 50HII when I have taken the time to set the table up like any other high end table.
You can get the table rebuilt to pratically brand new condition at theturntablefactory.com. Cost, minus shipping would be ~$100. The Grado Blue can be had $65 or so. Astonishing value IHMO.
If you are going to pass on the 50H, let me know and I'll find a home for it.