Should I upgrade my Merrill turntable?

I have a Merrill turntable purchased about 20 years ago. It has a Well Tempered Arm. There is nothing wrong with the Merrill, but I feel after 20 years, with improvements in materials, technology, and general wear & tear, most things usually need an upgrade.

I am trying to decide if I should upgrade the Merrill by replacing the springs, tuning weight, clamping ring and a new spacer for the WTA. The upgrades would cost around $1400. Or is it time for a new turntable, like the VPI Scoutmaster. I like the idea of keeping the Merrill, as I have enjoyed using it for many years, but what I don’t know is if the upgraded table will sound as good as or better than something new. Would the upgrades be cost effective? Does anyone have any experience with upgrading an original Merrill. Any help would really be appreciated.