What To Do?

I would think with $12K you could do all three, what components are you looking at?

You can get a top shelf cartridge and a phonostage for maybe 4-5 K$.

Personally I would start there and then decide it if it is good enough.

A tone arm and something to put it on.

I'm drowning in choices.   I'm looking at Gold Note and Line  Magnetic for phono preamp.   VPI, Dr. Feikert Volare, Acoustic Signature Double X Neo, Rega Planar 10 with Apheta 3.  MC cartridge but no idea Which one.   Maybe a Hana.  I'm open to anything.  Open to any arms but was looking at recommended ones like a Gimbal or Kuzma.  figure the you guys can give me some advice since you've been down this path before. 

I upgraded my turntable system (U-turn Orbit w/ Ortofon Blue MM cartridge) this year to a Dr. Feikert Volare with an Origin Live Silver tonearm. I installed a Hana S series MC cartridge on the tonearm. The turntable, tonearm and cartridge was right at $4500. The acoustic difference was shocking. It is so much better than what I was listening to previously. The turntable is heavy and dead quiet. The Origin Live tonearm and Hana cartridge is a great combination. It tracks incredibly well and is really easy to adjust. I love the combination and shouldn’t need to change the turntable or tonearm for a very long time. 

Thanks.  What phono preamp and interconnects are you using?

I’m using the phono preamp built into my McIntosh C2700. I was considering a Vincent Audio PHO-701 Phonostage until I decided to go with the C2700. I really wanted a tube phonstage. My turntable interconnects are supplied by Origin Live for the tonearm. The rest of my system interconnects are all Synergistic Research Foundation cables. 

Lyra Delos

Phonostage of your liking  (test several)

The remainder into a VPI table with a gimballed arm.

I am getting great results with a Pro-ject Carbon 10 EVO. $5k. Sound Smith The Voice moving iron cartridge at $2.2k. Aric Audio phono pre. $2k with vintage tubes from Brent Jessee. The JJ stock tubes are not great. 
Make sure that your turntable arm the phono cartridge have a resonance match. Watch the sound Smith Videos. 

Thanks for the advice.  I've got a lot of listening to do.