Refurbish or Buy New Turntable

I have a question to put out to the forum. I have a Oracle Delphi mark ll turntable with an early Graham arm (Excalibur) and a Monster Apha Genesis cartridge (very low output mc .29mv). It has been in storage and I am ready to spin my vinyl once again. The table needs a belt and perhaps some suspension springs. My BAT VK 31SE preamp does not have enough gain to handle this cartridge and I was thinking of getting a higher output mc or a mm depending on compliance with the Graham arm.

My budget for the project is $ 1600 to $ 2000. In your opinion
will this old combination hold up against the new inexpensive table/arm combinations of today? Should I move on and look at Rega or the like combos?

Thanks in advance for any help!