I think its a dandy idea! Best move I ever made, did it in 2006.
Started with a budget of around 6k and got a Basis 1400 table, rega.300 arm, Sumiko blackbird cart, Audio Research ph5, a VPI Cleaning machine, and record clamp. These are the essentials you will need to get started - plenty of options out there. Blew my digital away and I was off and running.
I've since upgraded everything and stayed in the Basis line.