Hi Chris, I have a Rega P5, bought from Radlett Audio as an ex dem about 4 years ago at the new location, Mechanicaly the P3 and P5 are not disimilar, I spent almost 3 years on and off upgrading the P5, with all that has been mentioned here apart from the motor, it is original and causes me no problems.
I have gone further than the basic upgrades, with a ceramic main bearing and ball, I have added mass to the glass platter plus an isolated vinyal 3mm playing surface, the whole platter weighs 3.5kgs if my memory serves? The platter is also isolated from the metal sub platter, with tiny hard rubber half ball spacers. That mod was a majour step forward in presentation.
I tried a after market vinyal platter, a back ward step IMHO, to the sparkling but easy and rich presentation I enjoyed.
Further upgrades, new arm and cartridge all added to the presentation, however, the one thjing to remember when upgrading, no one change is a magic wand. If you get a 2% improvement from one change, perhaps 3% from the next one, only 1% from a 3 third, as a whole thats 6% total. On the bassis that I have done many changes my percentage is very high, if you see what I mean?
All my majour changes were done using a Rega 300 arm although the Sumiko MC Pear cartrige was a bit special. This I bought with a warn stylus that I 'finished off', you can imagine the wow factor when I had the tip replaced!
Another factor I had to come to terms with was changes that did not work over all, admit one has got it wrong and go back. The other thing that becomes evident as you reefine the sound via upgrades, arm and cartridge adjustments become more obvious. Just because the manufacturer says the cartrige tracks at 2grs, refinement will alow a better presentation at 1.9grs that could not be heard with the TT in basic form. Which leads you on to needing a proper digital stylus scales, £25 on eBay.
Then there is arm hight . . . which is a whole new balpark, ignored by many including Rega . . . That is where one needs to look at 'do I stop, or take the plunge'?
I took the plunge, it worked for me, my turntable has been put up against the very reverad Garrard G4 in its modern rebuilt form, not its match but but a very close 2nd, according to the re builder. Considering the overall upgrades significant here cost less than £300 total, plus arm and cartridge, it make one think.
I have stoped tweaking hifi now, achiving a quality that I am happy with, I now sit back and enjoy.
CJSF