check out the manual I posted above. It has everything you need, including very detailed instructions and even a bill of materials. I'd say that this would definitely qualify as a beginner project, as things are presented well in the documentation, and there is a large support forum for this particular project.
I would say anything above the 0.4mV range would work, depending on how much gain you have in your preamp / headphone amp. I'd say that qualifies for most cartridges, as the ones that go lower (i.e. 0.24mV and less) do have alternative models in this range.
I'm sure it will compete well with some units over the $1k (used) mark, but I wouldn't say all. For example, you can get an older Pass Ono for around $1k (used) that will sound better and perhaps some of the low end EAR tube phono stages might give this a run for its money (I personally wouldn't take the EAR over the Pearl, but many will argue with me on that point, so I give that example as simply another popular phono pre in this price range).