There are further considerations beyond RIAA
equalization and gain.
Moving magnet phonograph cartridges are designed to work into a specific load, typically
47k ohms and 250 pF (e.g., see "Recommended Load" for a Shure V15 on
http://www.shure.com/v15vxmr.html), which is significantly different than the load
presented by a microphone preamp. The wrong load will change the frequency and transient
response of the cartridge.
Phono preamps are designed to present the correct load to a phono cartridge. Good ones
have switchable loads to accommodate different cartridges and to compensate for the
capacitance in the connecting cable. In high-end gear, it is common practice is to modify
the input circuitry of the preamp to specifically match the cartridge and cable in use.
There are also moving coil phono cartridges, which have different requirements.
By contrast, professional microphones typically have source impedance of about 150 to 200
ohms and are designed to be loaded with a pure resistance in the range of 1 to 5 k ohms.
(here are the specs for a Neumann U87
http://www.neumann.com/infopool/mics/en/u87ai_t_data.htm).
If you are serious, my recommendation would be to use a dedicated phono preamp. There
are some very good ones for around $150 like the Parasound PPH-100, which handles both MM
and MC cartridges.
Why would I want to spend $150 on a preamp? I get almost exactly the
same sound from the mic preamps and JAMin EQ that I get from my stereo
amp (with built in phono preamp). After I record it I'm going to encode
it in ogg vorbis. I seriously doubt that I would be able to hear the
difference between the $150 phono preamp and the combination mic/line
preamp and JAMin.
Jan