Mod 1200MkII or Buy Rega RP6? or MMF-7 Package

Setup: Technics 1200MKII, stock arm, Denon 103; Cambridge 640p; Onkyo PR SC5808; B&K Ref 2700; BG Radia 520s.

I got the 1200 about 2 years ago and am currently pleased with it (can sound better than Oppo 83SE), but of course have the addiction.

I could easily go the mod route on the 1200: new main bearing, PSU, rewire, strobe delete, new tonearm (RB303), etc. Spend about 1300 if I go with KAB's stuff, up to 2000 if I go with OL's.

The question is this: For that kind of budget, between $1300 and $2000 would I be better off simply moving to say an RP6 at $1500? I get the desired tonearm, better PSU over the RP3, and that 'new car' smell. I could live there for a bit, and then put $500 to a new cart?

There's something very appealing to me about modding the 1200 (the DIY/Mod bug no doubt), but I have to consider both the time investment and the ultimate result. (Compare: I sold my heavily modded track day Miatas and bought a Lotus Elise and have no regrets--now I'm modding the Elise...see the pattern?).

The other option is find a nice rig here in the $1000-1500 range. See Item 1329017929 for example, an MMF-7 with upgraded PSU, cart, etc.
I would love to hear the OL modded 1200. Do that and invite me over for a listen...
performance wise the modded 1200 is the way to go
I would wait for reviews on the new Rega RP6 before making a decision.
I would go to the RP6 without any doubt. In my opinion, based on my experience with the P5, the RP6 will outperform the Techinics1200 on all sonic areas. ( I can even say that the old P3 is already better in reproducing music than the 1200 )
There is a good review of the RP6 in the last Hi Fi News.
Again, that's my opinion.
Try to listen all of them before taking any decision. Only your ears could guide you.
Checkout the Rega RP6 with your own ears, forget the reviews! Seriously consider upgrading your phono-pre before replacing your Denon 103.
I agree with you Dayglow...the Denon DL103 is an wonderful cartridge when right adjusted. It is a very special cartridge..I will always have this cartridge in my system...even having cartridges costing much more than DL103 ...I will never forget the "old" Denon.
For a 1st hand report on installing an SME 309 tonearm on an SL1200 MkII (using the SME armboard from Sound Hi Fi of England), go here at TonePublications' website and download Issue 22 as a pdf file. Jeff Dorgay, the editor, used the armboard to install a used SME 309 for around $900. The result of the experience is that the SL1200 + SME 309 became his his new reference for turntables at that price point.

I have an SL1210 M5G. Someday ... someday ...
I ran a Rega RB-300 and a Jelco SA-750 on a SL-1200MK2 and came back to the KAB mod'd stock arm. It sounded "different" with the other arms, but it certainly didn't perform any "better" to my ears.

I now run a SL1210M5G with the stock arm plus KAB fluid damper, strobe disabler, and a Herbie's mat and couldn't be happier. With the MKII, I'd say first would be an arm rewire then those items that I've listed.
I would go with the Technics mods.