I think if you spend 500 new it won't be much better. I would either fix it up, lubricate, align and new cartridge, or spend 1k in the used market.
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Keep the 1.2 and buy a new cartridge for around $200 and then a used phono preamp for $300 or so and you'll have a fine setup. A replacement mat would help as well; the stock felt mat can be greatly improved with a good cork mat or a Herbie's Way-Excellent mat.
The Debut Carbon is a good 'table but as Analogluvr says, you're most of the way there already.