Okay, update:
My father has located his AR XB turntable, which he will also be handing over to me. Apparently this unit may also need some work. What are people's opinions of this machine?
I still need to locate speakers, but based on some people's comments here, and research elsewhere, I have been looking at used vintage speakers on eBay and elsewhere. Recently I came across an eBay ad for a pair of AR-4x speakers. The reviews I've read seem to suggest that this is a quality speaker that has held up over time. Beyond sound quality, I think it's dimensions (only 19in tall) will work well with my small living room.
http://www.ebay.com/itm/Acoustic-Research-AR-4x-AR4x-Speaker-Pair-Great-Condition-Sound-Nice-/172444202002
What is the consensus on AR 4x speakers? Coupled with a restored AR XB turntable and the MAC 4300v receiver, will they (a) sound great playing vinyl, but also (b) sound great playing through an AUX cord?
Thank you all so much!