It would be connected to a Sony Muteki surround hi-fi system and eventually be conneted to a headphone amp to use with my Senn Hd555's.
Thanks heaps.
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A used Rega P5 should be in your range. I am thinking of picking up a near-mint condition one with a couple hundred records for $500 from craigslist, which is admittedly a good deal, but I'm friendly with the person selling. ;)
The Pro-ject Debut III is 400 and sounds good.
Does your Sony have RCA Phono inputs? These allow for input of signal from a MM cartridge, such as a Shure 97E. With this setup, you will not need to buy a phono pre-amp. Also, consider buying a turntable from the late 70's or early 80's. Some of these, like the direct drive Sony PS-4750 are awesome, and will only cost a fraction of a comparable new TT.
You don't particularly want to skimp on it, 90% of the amplification from record to speakers is done by it, nevertheless you probably shouldn't need to spend much, if your handy with the soldering iron you can make a fairly good one fairly simply for about $40. Maybe consider ones about $100-$150. It's all a guess, I don't know what's available locally to you, is there a hifi shop nearby?