MatMan, you can get a reasonable phono preamp for small money ...
IMO there is really no reason that you need to spend more than $50 ... and not even that ...
So don't let your receiver get in the way.

I bought mine for less than $15

BTW ... For those DIY'ers it's a great first project ... as it's really just a few op-amps <for gain & RIAA filter (if not passive)>, their support components, and of course the power adapter. You won't save money but it might be fun ...