I would say that the arm is more crucial - with a top-notch arm you will be able to better appreciate and discriminate the difference in cartridges. I have never heard the Graham either, yet based on what I've read I'd like to have one as well. My thinking is that perhaps my cartridge (a LO.4) isn't performing to it's highest potential on my current arm, and swinging it on an arm like the Graham may bring out it's best. The same may be true of your Goldring.
Graham or the Frog: which is crucial?
I own an Oracle Delphi Mk V/SME 309/Goldring Eroica H combo running into an EAR 834P. As tragic as this is to admit, we are approaching the twlight of analogue replay which makes it excruciatingly difficult to audition equipment. I would like to upgrade both my tonearm and pick-up cartirdge, but I would like to spend some time listening to these thousands of dollars worth of gear before I commit! These are my three questions: 1.) Is the tonearm or the cartridge more important and why? Which should I spend more on? 2.) Is the Graham 2.0 a good match for this 'table? Mikey liked it, but I've never heard it. Any other suggestions? 3.) Is the Frog a good mate to either of these? Again, any suggestions? Thanks.