The Ortofon cartridge you have is only putting out .3mv! That is very low. This is a great cartridge, but it needs a phono pre amp with proper settings to dial it in. The Parasound does not provide the nessesary settings. Either change your cartridge to a MM or HOMC so you can use it with your P5, or you can get a external phono pre amp like a Musical Surroundings Phonomena II and use one of the linestage inputs on the P5. I think the buzz your hearing is because you are unable to properly set the Impedence and gain settings for the ultra low MC cartridge your trying to use.
Regards,
Matt M