Having owned them both, Dual 701 easy, Shure much better too.
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I love old Duals and the Shure is better if in good shape, but Tbromgard is right and there is also an upgrade path for the Rega with aftermarket companies like Groovetracer and tonearms mods like Funk. You can do it as budget allows, to take the Rega to a higher level. Regas are as simple as can be, so there is less to worry about.
I have owned older Thornes TT's in the past. A year ago I dusted off my Vinyls and bought a Rega P3/24 for $600 and replaced the subplatter,belt and put a beautiful acrylic platter.Mounted a Nagaoka MP200. And I would have to spend over $5500 or more to get better sound.I spent around $1200 with cartridge. That=Big savings. And The sound is way better today than it was 20-30 years ago when I was spinning.(washing records and treating them with Gruve Glide is a big positive step in lowering the records noise floor)
This kit consists of high quality Cardas Wire that replaces both the internal and external cable. The result is a single piece of wire from the cartridge to the male RCA's that plug into the preamp. The improvement on my Rega was dazzling.
While this took great care, it didn't require any special knowledge. Instructions can be found online.
That's Incognito Wire, $205. for the kit, and $279. installed.
If the model 701 is a direct-drive Dual with the coreless motor, go for it. It should outperform the Rega in stock form. If you want to pay for and install the many upgrades recommended by others for the Rega, perhaps that's a different story, but also a lot more dollars.
We are talking about turntables; I presume you will use the stock tonearm that comes with each of your two choices. The tonearm should match well with the cartridge of your choice, in terms of effective mass.