You have no arm lift so you should probably start with a cheap cartridge until you're used to doing things freehand. I wouldn't fancy learning with a $500 cartridge. You'll probably also want to check whether there's looseness in the arm bearing before any of that.
There's a long Rek O Kut thread on Audio Karma with some discussion about this arm and a question or two about dealing with the bearing, although from what I remember, disassembly is not for the fainthearted, and could lead to serious problems.
There was also at least one person who claimed that these arms will damage records, and should not be used. Until I see persuasive evidence, I say bollocks to that.