First, there is a Simaudio Moon LP3 on sale at musicdirect.com for $350 new. It is not at all 5.3 but might be an improvement in your system; and you can send it back if you don't like it.
Now let me tell you what I did though it cost me $1.5k not $1k. I had a Pro-ject Xpression table/arm with cheap Sumiko cartridge and speed control box and Pro-Ject phono box SE. I sold all that and got used Nottingham Spacedeck/Spacearm, new Dynavector 10X5 cartridge and new Moon LP3 phono stage. The difference is huge, this is not just an improvement.
Within a few years I will replace the cartridge, the phono stage and my Audiolab integrated and will add motor controller for the turntable. Nottingham will stay for a very long time until (if) I am ready to spend really big money. I might also get a better arm but only if I plan to add $2k or so cartridge which is not very likely.
So..you can approach the upgrade subject in more than one way.
Now let me tell you what I did though it cost me $1.5k not $1k. I had a Pro-ject Xpression table/arm with cheap Sumiko cartridge and speed control box and Pro-Ject phono box SE. I sold all that and got used Nottingham Spacedeck/Spacearm, new Dynavector 10X5 cartridge and new Moon LP3 phono stage. The difference is huge, this is not just an improvement.
Within a few years I will replace the cartridge, the phono stage and my Audiolab integrated and will add motor controller for the turntable. Nottingham will stay for a very long time until (if) I am ready to spend really big money. I might also get a better arm but only if I plan to add $2k or so cartridge which is not very likely.
So..you can approach the upgrade subject in more than one way.