The LP-120 will make a wonderful gift and a serve as an entry into the vinyl experience. I was very much into vinyl myself, however have have switch to digital around 2011. I believe this TT ships with the AT-95E cartridge. I would get familiar with the TT's sonics as is prior to investing in the upgrades. In the meantime research moving magnet cartridges as I believe this type best suits this TT budget wise. MM cartridges load parameters are met by most budget phonostages. Research phonostages paying attention to cartridge output (mV) relative to phonostage gain (dB). Synergy between these devices is key.
Given you will have a new cartridge compatible with your TT I would consider upgrading the phonostage 1st. I believe the phonostage provided within the TT to be the weakest link. I would look into phonostages with 40db gain or higher. Many have flexible gain settings. Buying phonostage separate from cartridge may allow an increase in budget for each. After identifying those of interest start another thread here asking opinions.
Hope to hear from you after Christmas! Good luck in your vinyl quest.
