The M3A has an excellent phono section. Don't let anyone tell you otherwise. Is it the best, no. Is it good enough to build around for an excellent analogue system, darn straight.
Your hiss is the tube in the channel making noise. AI has had some tube issues (all Sovteks are not created equal). I have used these preamps for years and currently use an L-1. I bought a pair of "Rocket" tubes from Upscale Audio for $30 each and they sound excellent and are really dead silent. I also bought a pair of matched Sovteks from AI which are also dead quiet. I went through a bunch of noisy Sovteks a while back with a M3A. Other tube brands will work but be real careful where they come from. AI has a recommended tube list on their web sight. Check it out.
I use the L-1 with 3A Sigs. It provides top notch performance as did the M3A.