I'll be a dissenting voice. On such a tight budget, I'd start with the HDMI receiver and a pair of bookshelf speakers. Something like the Onkyo TX-SR507 and the Mordaunt Short speakers would get you going, within the budget, and you'd be maximizing features like HDMI. As money allows, you could add speakers and upgrade.

My first path of upgrade from there would probably be a cartridge like the Shure M97XE, Audio-Technica AT95E or Nagaoka MP-11 and perhaps the AT phono preamp...although I would probably be more inclined to hold out for a Cambridge Audio 640P or Musical Fidelity V-LPS. That's not to mention the turntable...which holds a vast array of options on the used market...too many to mention.