I think if you wanted to use that as an accent piece in a retro styled rec room it would be great but I don't think there is an easy path to hooking it up to your existing equipment.
I'm not sure about this unit in particular but I have heard the TEAC(?) retro unit and it sounds like an inexpensive shelf system. It is what it is, don't expect miracles.
It would probably be ok for your soul singles. This is probably the kind of record player they had in mind when they made those records.
Your house/underground stuff would sound pretty weak on this thing. I'd really go with something else if you can.
You could check E-bay for a decent used TT in that price reange or there are plenty of units under $200.00
You may want to check out The Needle Doctor. They have a great selection of turntables including the crosley that would fit almost any budget.
http://www.needledoctor.com/
I've purchased cartridges from them in the past they have always been great.