Hi Pete:
This will work perfect for your Equalizer, just connect to the tape loop play/rec. The Phono is a loaded question. This does feature aground connection so it is a true phono input but we like to call this an affordable entry level unit (Cheap sounds like just that... cheap) But it is all relative so it would be an entry level phone pre amp as one of the four sources. We like to add it to our two channel amplifiers to handle the front end.
TL/4268