Everything you have is at least a nice new Buick or a small Lexus -- except that stock tonearm wire, which is a f'ing Yugo.
Before you do anything else, you HAVE to get the tonearm wire replaced. It's a fundamental and necessary change. You will not regret it. In fact, you may even want to thank me.
Let me know if you want recommendations on how to do it. Compare the cost ($200) to a new turntable (over $1000) -- and it's just so obvious. When you hear your transformed turntable, you'll want to start laughing, it's so good.
As for replacing the tonearm: no. I would advise you to buy a new P7 before going to that much expense for your P3.
Hukk
Edits: 12/19/08
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