Some things to consider - How important is sound quality? How important is stereo? How important is cost?
You’ll probably have to spend some money (on a USB audio interface) since most laptops don’t have line-inputs.
You are also going to spend some time. Not only recording but splitting-up the songs and adjusting the levels (after recording) and possibly spending some time making other adjustments/improvements like EQ or noise reduction. You can spend LOTS of time if you “manually” fix-up the clicks & pops. …You don’t want to do this twice!
You can probably get better sound quality with a better setup but you’ll never get “CD quality” (or “MP3 quality”) so if you want the best quality or if there are few recordings that you really care about, look for digital copies.
If you’re satisfied with the sound from the Califone then the headphone-output to line-in on an interface (or soundcard on a desktop/tower computer) should be fine. But, you will get a different “tone” from a different speaker, etc.
78’s are mono and some 45’s & LP’s are mono, so for these you don’t need stereo.
\
If you want to “upgrade” and you have the budget, you can get a pretty-good turntable with USB for $200-$300 USD. (Then of course, you don’t need to buy a USB audio interface.) I’d say that’s about the “sweet spot”. With analog, the more you spend the better sound you get. But like I said, you can’t get “digital quality” no matter how much you spend… You get to the point where the record itself is the limiting factor. (With digital, a cheap CD player can be better than human hearing.)
[u]Knowzy.com[/u] has lots of turntable reviews & recommendations and lots of good advice.* Stanton, Newark, and Audio Technica are “good brands”.
Of course 78 RPM isn’t very common on “modern” turntables. And as you may already know, 78’s need a different (larger) stylus. Your Califone might have a flip-over 78-LP stylus but you won’t find that with a good magnetic phono cartridge. You’ll have to get an optional 78 stylus. (People who actually play 78’s usually have a separate-complete plug-in headshell with a cartridge and 78 stylus that they can easily swap-in.)
It’s possible to record 78’s at 45 or 33 and then it’s easy to change the speed in Audacity. This does throw-off the RIAA equalization but 78’s didn’t use standardized equalization anyway and if it needs adjustment you can tweak by-ear.
If you buy a stand-alone analog turntable you’ll need a phono preamp plus an interface, or there are a few interfaces with a phono preamp built-in. (This is different from a microphone preamp… A phono preamp has RIAA equalization and higher input-impedance.) Older stereo receivers had a preamp built-in but most modern receivers don’t. USB turntables also have a built-in preamp and virtually all of them bring-out the amplified & RIAA equalized line-level outputs to RCA connections so you can plug-into a modern stereo (or you can plug those into line-in on a regular soundcard).
\
- Knowzy doesn’t like Audacity
but should know that your choice of recording software does not affect sound quality.