Well, Thank You all for your opinions. After reading the replies, doing more research on parts, etc., I just don't think this is a project for me. I don't have room or budget to make this an ongoing hobby, nor budget to fix this one up further.
Don't worry, I will NOT throw it away! Too cool for that. (Me and the phonograph

) I will try to find a new home for it and the two records I have with it.