Why don't you get to know what you have now? I think your proposed budget will be put to better use by getting some cleaning equipment for your records, but hey, that's just me.
stylus upgrade or different cable
Just purchased a Pro-Ject Essential. Once set up and after a short burn in period, it is very acceptable. The "brightness" often referred to gradually lessened and the bass opened up alot . I understand that Ortofon OM cartridges can be upgraded by changing stylus. I wonder if I should start with a new stylus or change cables. I'm using Chord Crimsons now. I have Soundsilver Dual Silvers, but they push mids and highs too much. My limit is $85.