How are your cartridge balance/alignment skills? All must be right for any cartridge, the existing one may be worn, or poorly balanced aligned.
I suggest you start with a new moderately priced MM cartridge, advanced stylus shape: SAS, ML, MR, Shibata ....
https://www.audio-technica.com/en-us/cartridges/type/moving-magnet/vm540ml-hYour arm has a removable headshell, that makes things easy to have different cartridges pre-mounted, switch: existing; new stereo; new mono; new MC (from SUT thru your Peachtree MM or from a separate MC phono eq).
This will tell you for certain how much you do/don’t like your Peachtree’s MM Phono Eq.
IF you get a MC, and boost it via a Step Up Transformer (SUT), you will still be using the same Peachtree built-in MM Phono EQ. That is what I/we do when we have a MM Phono stage we love.
IF you are not wild about the sound of a new MM thru Peachtree’s MM, then I suggest step two is a separate Phono stage with both MM and MC, (preferably the ability to change MC settings). Now the MM you bought or future MC go to Peachtree Line In, skipping it’s Phono Stage.
This of course opens the possibility to try Tube Phono as well as SS Phono.
ANY Phono Stage, I strongly advise having a return option, it's not easy getting one you love.
After you get a successful Phono Stage, then you can move on to a MC cartridge when ready. And, if you have Mono LP’s, I learned here how much better Mono LP’s sound thru a true Mono Cartridge, I chose Grado Elliptical stylus shape for Mono, advanced shape for both MM Stereo and MC Stereo.
Get properly hooked, even if hard work, you won’t regret it!