Upgrading Planar 2

After getting an amp with a phono stage again (Musical Fidelity M3), I am rediscovering vinyl with my old Planar 2 that has been in storage for years. The TT has a Linn Basik LV V arm and a Grado JG cartridge. I would like to gradually upgrade if possible. What I was thinking is first upgrade the cartridge to the Clearaudio virtuoso wood, then upgrading the arm to a modified RB250 and then finally upgrading the TT to a 100 series Teres. Is this a logical approach? Other suggestions? Thanks.

You can upgrade in any order you want.

But, there is a specific order that is correct to follow if you want to acheive the maximum benefit from the upgrades. That order is TT, then arm, then cartridge.

The cartridge is limited by what the TT and arm will allow it to do, and the arm is limited by what the TT will allow it to do.

I think you have the right goals in mind, as far as the gear you selected. If you want to proceed out of order, but will end up where you want, that is okay too.
Translating TWL's post means: get low noise, speed and rotational stability--then move on.

The Planar 2 won't deliver that, though...
I would suggest the following path: cart, table, arm. I would also suggest starting off with a more modest cart (like a rega elys or super elys or shure v15vxMR) until you've got your new arm and table in place (then spring for the big bux cart). What kind of phono stage are you using now? That plays a significant role as well. Enjoy your table!
If you keep the table for a while, I found a good upgrade for an old Rega is a Neuance shelf under it, if you have a suitable rack. Opens up the sound. Very effective protection from vibration, even footfalls.
Looks like I got the upgrade path backwards (again). I am learning a lot from this site. If I go for the table first, then I will have to wait and save up some first. The cartridge is quite old and isn't in the best of shape, so I think I will go ahead and change that. Then wait, and upgrade the table/arm together. I was hoping to avoid getting a dedicated phono stage, and use the one included with the amp. The Musical Fidelity M3 phono stage is supposed to be quite decent, cirtainly isn't the weak link in my current system. I will look into the Neuance shelf. Thanks everbody.
Rega has a motor upgrade for the old Planar 2 for about $150. NeedleDoctor and MusicDirect had it, last time I checked.