[poseidonsvoice]

Wirenut,

Given that you are a diy'er:

http://www.audiocircle.com/index.php?topic=112962.msg1174243;topicseen#new

or the Bugle, or Cornet 2 (if you can afford the final cost of the build, given your $300 ceiling)

Best,
Anand.

Here's another one I found by Greg Ball: RIAA. Fully built for $100 Australian dollars. Not bad.

Best,
Anand.

[WireNut]

 How do I know if my stylus needs to be replaced ?
 Will it just die or will It sound distorted 

[SteveFord]

It will sound dull and possibly distorted.
You'll need a microscope to be shure (little pun).
If it's cheap enough just replace it to be on the safe side.