[Five]

also I would avoid using de-noising software], also avoid automatic de-clickers because they won't even get all the clicks and will take away a lot of the transients in the music.

just go phono>amp>lineout>soundcard>recording software (audacity or even cdwave can do it too)>cutting (cdwave again)>FLAC

get healthy levels balanced on both sides without any clipping... once or twice is not bad but 10, 20 etc is dodgy. if you want to make a processed version, probably best to do it for "personal use" imo.