Ahh the wiring from the arm does not even have to be modified.
Since a cart is naturally a balance device, just use a adaptor at the phono box end. The RCA with one leg as the ground on the RCA cable does not matter at all in this case. (as there is never any common ground between plus and minus legs anyway!!!)
Just run the center pin to the hot pin, and the RCa ground to the negative balanced pin, and leave the balanced ground pin float.
Simple, and you do not screw up the Rega wiring.
Which you might really mess up, or if you want to sell later, you are screwed... Just saying..
So my advice is just use an adapter end on the Rega wires to the balanced phono box. Agree it sdoes add one more connector set between the cart and phono, but better than the screwing around trying to change wires...
I have a balanced phono, an Audio research PH-2. but i do not use it with my Raga P5 right now.