From what I've read, the MMF-5 is a Pro-ject 2.9 with Music Hall style isolation in the plinth. Being the proud new owner of a 2.9 Classic Cherry, I've got to say, it is a mighty impressive TT. They were using it in their speaker-demo system at Audio Classics, if that says anything; and I found I liked the TT more than the speakers... by by speaker money.
I would say you are definatly on the right track, but you may want to look on the used market, and look at the Pro-ject branded models, primarily to take advantage of thier supposodly better customer service. I will say that TT's in the range you're looking at are definatly worth the initial outlay, they really make the vinyl experience that much better.