As far as the Denon cartridge goes, I would think that is a fine upgrade over the Ortofon Red. The Red is a polarizing cartridge, there are many people who find it too aggressive and unrefined. The 110 is a tried and true budget cartridge, with a good quality diamond on it for the price. If you shop carefully on the net it can be had for under $300. It being HOMC is not a bad thing, while LOMC is technically better, there are many well built HOMC cartridges out there, the Denon is one of them. One caveat though. Its output level is not as strong as many MM or MI cartridges, so be prepared to have to turn the volume up a bit higher than what you currently do.
Other cartridge alternatives are from the Audio Technica line. The VM540ML is getting good feedback from owners. I also hear of folks taking the 95 body and putting the LP Gear Vividline stylus on it and getting very nice sound for the money. These are good choices also.
But audio is an adventure! There are many pathways to good sound, and all of us have different things we want to hear. Best of luck with your journey.