"One practical consideration is you really need a very short, low capacitance run of cable from SUT to phono stage." Which is a good reason for having a high quality SUT built in to the phono circuit, on board.
@lewm - That’s somewhat true. It’s an advantage to be onboard in the phono stage box. However, I have LL1931 built into my VAC Renaissance SE (another phono stage I own) and my preference for different SUTs greatly overrides the advantages of being onboard. I also have an outboard K&K SUT box with LL1931Ag (i.e. I’ve tried LL1931 both onboard and outboard), so I know it’s really the LL1931 sound that I don’t like.
Being onboard reduces the chances you’ll have a grounding hum issue. And of course it eliminates the chore of picking a transparent IC. But once you know you need a low capacitance short run IC, it’s pretty easy to find a "transparent enough" cable.
For me, the ability to choose a SUT to my preference is by far the dominant factor over issues with IC’s or grounding. I’ve yet to be super-impressed with an onboard SUT.