this is what i use and i think it's a most basic setup, you shouldn't go
below quality-wise:
shure m97xe - very cheap audiophile cartridge & needle. about 90euro
1210
hifi amplifier used as a pre-amplifier (phono in -> record out), id
never use a mixer unless you have a bozak or something
m-audio audiophile delta 24/94 - also got this based on recommendations,
cheapest way to go at the moment as i've been told (60euro used)
no processing except for normalizing in sound forge. i've been told that
normalizing doesn't alter the frequencies at all apart from normalizing
so far i'm happy with my recordings but i never play them on big & good
systems so i couldn't even tell if they are top quality
ciao
armin