A) If you already have a vinyl collection, proceed.
B) If you have a curiosity about the vinyl "buzz" proceed with caution.
C) If you are a audio hobbyist who wants something to do, proceed.
But if you are starting purely from scratch (no pun) and you want better sound, I would recommend spending that money on a CD upgrade, start buying dual layer CD's, and get a SACD player when you can afford it.
That said, know that I am 60% vinyl. (VPI 16.5 record cleaner, Oracle Delphi MkIII, Premier FT-4, Grado Sonata, ARC SP9 MkII, Bryston, Magnaplanar 2.7)
I enjoy vinyl because I have a lot of it with historic and sentimental value. I buy new and used vinyl, and, Yes when I A/B vinyl to CD I find that there is more music there. But I could not recommend to anyone to start a vinyl collection now without some serious motivation.
Unless you do SERIOUS listening, or have the musical values that vinyl lends itself to, wait out the new hi-res formats.
Now, if you have a collection to play. (A) go for your higher dollar solution. Get a VPI HW-19 JR, and upgrade it as necessary. IF your motivation is (B) get a used rega or MMF, and see how you like it. Or if you are a 'phile who wants a new and ongoing project (C) I'd shop audiogon for a higher end unit used. (always your best buy, but not always your best choice w/ dealer support and etc. considered.}
Vinyl is more than sound, it is a degree of dedication and a state of mind. And..... CD's don't have to sound that bad.