Donny,
Agree with most of the above advice
Sorbothane feet - yes, definately,
Acromat - yes
New Arm - get a new technics arm from Juno records, as above to start with - your next arm choice will be influenced by cartridge choices, and this will get you going and allow you to think through your next moves. Replace the arm cable immediately with a good quality one - lots to choose from without spending much.
New Technics bearing - yes, definately. If your deck has seen some abuse, this is what will have suffered (as well as the arm, but that is already being replaced). The deck should perform as well as a new item if you do the arm and bearing, although do check that the platter doesn't wobble as it rotates.
DIY PSU - I built one, and love it to bits. I think it makes a huge difference, and is fantastic value for money as an improvement if you can manage a soldering iron.
Next thing to think about is the phono stage and the ADC you want to use to rip with. Assuming you have a decent phono stage available, I would look at the the HRT Linestreamer II+ as an ADC - I use one and think that it is fantastic. I would also reecommend the EMU 0404USB if you can find one second hand - it is cheap and has good ADCs and line input buffers.
In general terms, don't go mad with modifications (yet) - get the deck working properly (bearing and arm), mod it mildly (feet, mat and maybe DIY PSU) and then see what else you might benefit from doing to meet your needs.
Good luck,
Alex
Technics SL1210| Jelco SA-750| Benz Micro ACE SM MC| Squeezebox Touch/MCRU linear PSU | Cambridge Audio 851C | High Resolution Music Streamer II+ / Linestreamer+ | Raspberry Pi 2/IQ-Audio DAC+ / Max2Play | Conrad-Johnson ET3 Control Amplifier| Conrad-Johnson LP125sa KT120 Power Amplifier| Avalon NP Evo 2.0 Speakers| Cardas Audio Quadlink-5C Speaker Cables and Interconnects| Finite Elemente Pagode Signature E-14 equipment support