the problem is not the voltage per se, rather the output impedance of the phono stage. I don't think that phonostages are a lot lower in output than cdplayers. line level 'standard' is 775mV anyway. though many seem to be around 1-2V
I run 3.5m cable from my tonearm to my phonostage and 0.5m from my phonostage to my pre amp. the output impedance of the phonostage is such that it would struggle to drive a long cable, whereas the cartridge has a better impedance for driving longer runs (in much the same way that microphones do. it's not uncommon for a stage mic to be connected to 100m of multicore before it gets to the desk. specs for a Shure SM58 Stage mic - output: 0.19mV, output impedance 150ohms. load 150ohms. specs for Goldiring Excel (my own) cart: output 0.5mV output impedance 8ohms, load >=100ohms )
it's this reason that makes Naim stuff particularly tricky to partner with cables, particuarly the amplifier output. due to the output toplology, certain cables characteristics (LCR) cause instability. instead of the usual zobel network arrangement they rely on the cable inductance.
so check your output impedance of the phonostage and cartridge. you might find, as I have, that a longer tonarm lead is the answer...