Hello everyone! Sorry for ressurrecting this thread, but I just wanted to provide some closure
From the 2 cartridges that I was looking at, I ended up going with the relatively cheaper AT-VM95ML, not only because of the price but because of the fact that it seemed to be easier to set up. By having the Philips GA alignment jig 3D printed, it was actually pretty easy to have it aligned, and I couldn't be happier with the sound it is giving me. It was like hearing some of the albums for the first time, especially since I was used to an Ortofon 2m Red.
If you are a person who has a Philips GA turntable and has come across this topic when looking for the AT-VM95ML as a viable option for your table, I strongly recommend purchasing it. I believe the VM540ML could sound even better but what made me hesitate on purchasing it was the fact that it seemed to be a harder cartridge to set up, especially since my GA-312 does not have any VTA adjustment. So yes, the AT-VM95ML is definitely worth it! And thank you everyone for the inputs and help!