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You csn install a more modern 1/2" ceramic cartridge for playback.
Magnetic cutting arms were about as heavy. You needed the rigidity to cut properly. If you notice there's an extra off-center peg on the turntable? That is designed to go through a hole in the recording blank to prevent the blank from moving relative to the turntable platter from the drag of the cutting head.
Don't know about microphones. That's its own collecting genre.
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