It this a decent Phono setup?

I agree , a better cartridge would be the best bang for the buck.  If you like the overall presentation of your Red you may want to pick up a 2M Bronze .  I like it a lot .    There are other good choices in and around the $500 point.    Sumiko , Goldring, Audio Technica.   

I have a Hana SL with approx' 200hrs on it, the Cart' with a 100 hours on it, shared the latter 100 hours on a SME IV and Audiomods Series Five Micrometer.

I have not experienced the Cart' in use on the TA that has superseded the above TA's.   

I do believe it has broken in at the time of use, I do not see the need for further hours of usage to achieve a break in.

It is one of the only Cart's I own, that can has failed to present itself as appealing  to me through use, it plays music fine and for me that is the win.

It is idling away in storage, maybe I should have sold it on.

Yes, decent. What do you mean, "mate"? Is something off? If upgrade, then source is most important and table most important of all. 

What budget do you have?

$2,000. total for a serious combo?

This Turntable, $1,750 has the terrific SP-25 spinner, and their best EPA-500 tonearm base

 

https://www.aussieaudiomart.com/details/649969365-technics-epa-500-tonearm-base/

(instant VTA adjustment) (instant arm wand change)

Includes the EPA-250 ’S’ arm wand with removable headshell. Arm wands are interchangeable.

https://www.ebay.com/itm/154483612017?hash=item23f7f0d971:g:QjkAAOSwoa9gvbWg&amdata=enc%3AAQAIAAAA4J%2BKdftfpIrck5DF7lkGJOthnEOJw7n1rLapor48%2FICi%2BvlHz2A1%2B45cLbSlJqLH4tU1rTiVGdTro%2Br0X%2FEeIGwRdjgY6kq2dDuCh9i1IoFaf8%2FPWpyOIWA4iaslo9ixa%2F6dOM6NwB6XLZ3Yg5w%2Bwhe8rh42TPUC%2BVRuEhC1%2FRofWdMR8yJ3b0CIE0xxCn5viaIPi9g%2B1EknrDYUo11ks4S6sZQm%2FfLvgM3rXoUYHINiIMQPIUznVNWpBG1%2Bk88Yzp6LUHq4r%2BxPtzbZZDjYxE9AoBEJ4y0Srf6QkvRtJF9M%7Ctkp%3ABk9SR8ibmMqqYg

alternate straight arm A501 available, say have a mono cartridge pre-mounted)

loosen upper arm lock screw, arm with cartridge slides out sideways. insert alternate arm, tighten lock screw. automatic signal connections on the bottom of each arm

Change Arm Height: loosen lower lock lever on the base, turn black ring at bottom of base: up or down, lock lever!

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Add $250. for the AT540ML cartridge:

https://www.amazon.com/Audio-Technica-VM540ML-MicroLine-Turntable-Cartridge/dp/B01MEI1RPC/ref=asc_df_B01MEI1RPC/?tag=hyprod-20&linkCode=df0&hvadid=312152993681&hvpos=&hvnetw=g&hvrand=11552262189985036377&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9003512&hvtargid=pla-298158069814&psc=1

$2,000. total for a serious combo.

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If your budget is less, let us know

Check the SP-25 specs near the bottom of this chart

https://vintagetechnics.audio/turntables.php

compare them to the best ones they make today.

I like the SP-15 also, it includes the 78 rpm speed for those who play 78’s

Thanks for all the suggestions. Overall, I like the sound of my vinyl setup. However, it’s not quite up to par with my digital side, which is a modded Cambridge 851c. I see there are several posts regarding the Audio Technica cartridge, so I may look into swapping out the ortofon red. Anyone have any experience with the ortofon blue? 

Regarding the audio technical vm540ML, how do you check capacitance of the tonearm wire, phono cables and phono stage to make sure it’s under 200pF?