I have used most of the SME arms and use to be a dealer and also used the Rega. All are good but have different applications. If I wanted an SME I would get a used 309, they often appear used in your price range and will handle a wide range of cartridges. The new SMEs , forget the number, begin at $995 and look good. If I got a Rega I would get a VTA adjustor to begin with, they are a pain without it. VPI makes a good one [dealer disclaimer] and Riggle makes a very good one I have thought about for my Jelco 750. This arm is also one you might consider as the detachable headshell means you can tune the mass to a considerable degree. They are $500 without arm cable, a real bargain. You can adjust the VTA on them, the Riggle lets you do it while playing.
Tonearm Choice:SME or Rega?
I am refurbishing a Garrard 301 greased bearing TT but haven't decided on which tonearm to use. I like the classic beauty and design of the SME 3009 and all of the upgrades and options available, but I also have my eye on the Rega RB300. My current cartridge is a Grado Statement Sonata1, but I'll probably put something else on the Garrard when it's done, possibly a Denon 103 or other MC. I can be patient as I haven't built a new plinth yet, but I would like to have the tonearm in hand when I do. Words of advice from anyone with experience in these matters would be greatly appreciated, as well as other tonearm suggestions. So far, the 3009 is at the top of my list, so my budget is under $1000.