Rob,
The first question I would ask is...do you already have a record collection (of any size)? If not, then you would (eventually) be spending far more on putting together said collection than you ever would spend on your hardware.
You've got to consider that you need a turntable (duh), cartridge, and possibly a phono pre-amp. Used is probably a good way to go, in that you can pick up some nice tables for around half of what they cost new.
I was fortunate that I put my record collection (and turntable) in strorage when I switched to cd's...so that when I decided to add phono back into the system, I was ready to go.
Keep in mind, that with records you will have to get up and turn the record over (to hear the rest of the album), or switch to a different track, and you can't fast forward. Also, there will be ticks & pops that will be added to your music. That was one of my 'original' reasons for switching away from vinyl...not having to constantly get up and fiddle with the record. Also, now that I have ripped most of my cd collection to hard drive...I find myself getting up less, fumbling through many cd cases...to listen to a cd.
Now a real cd on a good cd does sound better than hard drive (usually), and a record does sound better than its cd counterpart. There are many factors to consider. Good luck
!!