This advice sounds a bit like it has come from the pages of 'Practical Hi-Fi' (if you are old enough to remember that) but....; I would buy the cambridge 640p (they do a mm only version that is even cheaper) and put the rest of the money towards saving for a better turntable.
can anybody recommend some interconnects????
The output from a Rega 3 is a lot better than most people think
What is a DPS 200S? How about one of those Moth units from back in the day?
Back to the 640P... I had to have mine 'adjusted' for the 10x5. the standard gain settings for not quite right for the 10x5 and if using a really good MC then it is a 'tad' on the noisy side.
rob.