The signal to noise ratio in the MC section is not nearly as good as with the MM stage.
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Dear Boofer: Your phono stage has a real poor S/N rati through the MC option: 58 db!!! against the 84db on the MM option.
You can hear directly on the MM option your 301 because your PS has a non-normal MM high gain: 46db.
That PS comes with this switch:
"""" Exclusive AC polarity switch to eliminate hum """"
I don't know if you are using it.
Regards and enjoy the music,