I hate this sort of thread, but I am bored. So, tonearm, phono stage, cartridge, wires cartridge to phono only, other ICs last. Why I hate this sort of thread: Any item in the chain can screw up the whole deal. My ranking assumes each item is at least "good", and cartridge not misaligned, although my Viv Float tonearm constantly begs the question of alignment. You do have to align it according to the manufacturer template, which places the single null point at about 90mm from the spindle. So to that extent, even for the underhung tonearm, alignment is important. And Dave demonstrated to me most vividly the importance of "zenith", the angle of the stylus contact surfaces to the groove walls which optimally should be 90 degrees.