Phono Cable, is it necessary?

If you want to be REALLY cheap,

Go to your neighborhood electronics store(if you have one) get a set of component VCR cables(remember those?)

. They're sheilded, so they will be quiet, and actually decent SQ.

$5.99 or so. Spend the savings on LP's.

The VPI cable is probably equivalent to an Audioquest in the same price point.

Since you're willing to spend that much-

For a little more you could also look used for something like this for half of the original price msrp.

Nordost - Heimdall 2 1.25m Phono Cable Like New For Sale - US Audio Mart

Offer $500 WITH shipping- nothing wrong with negotiating an agreeable price. 

"VPI Prime/ VPI Shyla cart and Manley Chinook"

I know that table/phonostage combo well. Any of the name brands pricey/budget will get the job done. The SQ differences are so minute(subjective) it's not worth fussing over. Of course if you use something really cheap/inferior you may hear loss in SQ. 

Not until you have a $50K+ rig do you get neurotic about such things.