Converting to Analog

Yes,Its lots of work to get it right.
Besides a TT you'll need a phono pre and a cartridge that work together.
Proper setup is a must.
A record wet-vac is mandatory IMO
Cleaning a dozen LP's at once can take a hour or more.Besides that, the jackets of used LPs usually are soiled and can stink.They need to be cleaned also.Rice paper sleeves for the vinyl and a decent cover for the jacket should be used.
There's tons of used vinyl out there for pennies a pound but many need proper cleaning they probably have never seen.
Proper TT placement is huge too or you can run into acoustic feedback and other nasties.
Some other items you'll need is a protractor,stylus gauge,tweezers,level,stylus brush,stylus cleaner,some sort of vinyl conditioner such as groove-glide,stylast etc.
Plus be prepared when family or friends say " a record player? why, when you can play CD's??"
The world of vinyl will open your eyes and ears but be prepared to work for it.

Sorry,I only answered your second question.
Can you get the level of sound you heard without spending 10 K ??
Be ready to spend at least 2-3 K to get "near" that level but you won't hit it.I think you'll be happy anyway.

By "work" I mean mostly cleaning vinyl,jackets and getting the original sleeves in better condition.I save all the original sleeves for possible re-sale.Many need to be taped or glued.I clean the original sleeves also.It is lots of work getting vinyl and jackets clean.I hate to do 1 LP at a time so I wait til I have several to clean.
To me thats work.I'd rather be spinning than cleaning.
When I got my Nitty Gritty wet-vac I cleaned my whole collection in a 2 day period.At the time that was 400 LPs including applying groove-glide and cleaning the jackets and sleeves and putting the vinyl in rice paper sleeves and the finished product in a jacket cover.I also put a label on the back of each jacket with the date of the cleaning for future reference.
400 LPs in 2 days,NOW THATS WORK and maybe obsessive :~).I still have a buzz from the groove-glide!

Jim-I clean my jackts with windex and a paper towel.It gets all but the most stubborn stains off and leaves them smelling fresh.If the jacket is rough texture I rub very softly with windex and a rag. A paper towel will flake on the rough textured jackets.
As far as groove-glide,Im not impressed with its ability to remove ticks,pops and fizzle.I just don't hear a difference in that regard.The reason I use it, is it makes the music sound smoother and more refined.I don't spin an LP without first using it.

Marakanetz- Always the negative! To answer your question "how the hell do you clean inner sleeves" Place the sleeve on a hard,flat surface.Wipe with a clean cloth that has been dampened with windex or some other cleaner and THATS IT!!!! That wasnt so hard! Besides getting the inner sleeves cleaner and fresh smelling it helps to get some of the creases out.
I sell vinyl on eBay.Original and excellent condition inner sleeves add value to collectable vinyl.When I write my descriptions I always describe the inner sleeves condition.I include also, that all my vinyl has been cleaned on a Nitty-Gritty and treated with Groove-Glide.Buyers love that!!
LP's need to be taken very good care of.This includes jackets and inner sleeves.The inserts and posters that came with many LP's of days gone by need to be taken care of also.These LP's can't be replaced

Brtitch-I use windex very lightly.I spray a small amt.on a paper tower and dont dirctly spray the covers.
I doubt very much this will have any harm on the covers as you imply.
your sarcasm concerning armorall is not needed.