HI absolon,
I agree with your premise. And I will never discourage innovation. But I must tell you that if you want useful results you will have to change everything. I'll give you a short list and you can take it from there.
1) The point of view of the image is totally wrong. The view you need is with the stylus upside down with you viewing straight down onto the tip.
2) The orientation of the tip must put the sides (the portion that contacts the groove) at the sides, left and right.
3) With the stylus so oriented, two light sources must provide direct lighting aimed at the sides where the facets will develop, one light per side.
4) With the position of the stylus and the lights properly established, the microscope will see the flat facets as reflected light. The stylus itself will appear grey and mostly out of focus. The facets are tiny. Thus, very high magnification is needed to view a meaningful image. I was not exagerating when I said that you would not understand the image the first time you viewed it through the microscope. It does not look at all like what I think you are imagining.
5) With high magnification, positioning the cartridge is extremely difficult unless you have a zoom feature built into the microscope. Even so, it's not easy to get everything aligned.
6) High magnification also requires that you have a reliable way of moving the cartridge in the X, Y axis. A good micro adjusting microscope stage is ideal.
7) High magnification requires that you have a stable mounting system. Any relative movement, even a tiny amount, will completely remove the stylus from view.
8) Focus is critical and depth of field is minimal due to the magnification.
So, the key is high magnification and the orientation of the stylus and lights. All other design factors must accomodate those basic requirements.
There you go. I hope you come up with something that works well. I wish you could see the Shure instrument in action. My descriptions are a very poor substitute.
Sparky