I think you need to take a step back and think about it for a second.
Ripping vinyl can be a extremely time-consuming task, with all the cleaning, recording, and post-processing after the recording process is done. Unless you got a mint condition vinyl (which let's all be honest, will cost you a lot more than CD's, and by that alone your strategy is already down in the dumps), you WILL have to clean the recording using Audacity or Adobe Audiotion or something else made espeally for vinyl ripping, and they're very expensive pieces of software.
About sound quality, if you have a decent soundcard/capturing software combo, AND a clean pressing AND a good TT, with a clean needle, nice cartridge, etc, you'll get pretty good recordings, in 24/96 if you want, and all that jazz.
On the Analog v. Digital, i'm not gonna say anything, cause i know how things are around here and i don't want to start a war.
The audio technica lp1240usb is a good TT, with upgradeable parts for the price range, if you think you can handle the points i stated above, you should go for it.
Happy ripping.