Will a $700 turntable outperform a CD player?

I used to dj and always used technics Sl1200’s and really liked them. I can pick up a nice SL1200 mk3 used for $600...

I think you can find SL1200mk2 for $350 instead of mk3 for $600. No audible difference between those two. You can upgrade mk2 slowly (rewire tonearm, replacing stock feet). And the rest for the cartridge, it's more important 

After college, between being poor and moving around a lot my Technics SL1700 went in a box for a good 10 years. By the time I got settled and had money it was 1990 something, I had forgotten all about the turntable, CD was supposed to be so much better, that when I started building my new system in my new listening room only CD was even considered at first. 

Until one day reading Robert Harley and he is saying the turntable is the foundation of a high end music system. Wait- what? Well I still have my turntable, my POC Kenwood has a phono stage, we will just have to settle this turntable BS once and for all. 

Turns out the cantilever on the Stanton 681EEE cartridge got bent somehow. Dang. Pliers. There. That looks reasonably straight. Still have a few records in a box somewhere. Get this over with. 

Amazing. Flabbergasting. Wife comes home. Hears music. Can't see the turntable. Assumes its CD. Says that sounds good what is it? Blocking her view I say Tom Petty. No I mean what is it, sounds so good? Its a record. What??!?!?!?

Vinyl is so much better than digital it really is not a question of sound quality. Its purely a question of personality. If playing a record is something you will enjoy then its a match made in heaven. If it feels like drudgery then you will probably find it easier to put up with digital and learn to pretend not to notice how it sounds.

You know, the two possible combos you mention should be very close in performance, the vinyl setup looks really interesting and I would love to hear how they pair togeather, the digital setup is one I own and love that combo in my headphone rig with this caveat, the Gumby tics when you pause the Cambridge and this seems to be the case with some other transports when paired with it. I do really like the combo but find myself playing/preferring my VPI Scount with a Grace F9R in the same setup, but then again I am a vinyl guy. Enjoy the music

If you often find yourself tapping your toes along with music in the elevator maybe not. 

Wait a minute, I tap my feet to music in an elevator.