I suppose I am lucky, I inherited a Thorens TD-124/II with an SME 3012 from the original owner, who got it in 1967... that will play transcription records, although I don't have any, and it does a damn good job on LPs. The Thorens is probably the reason why as much as I like portable record players, I just don't use them too often.
If you look on eBay, cheaper 1950s 12" tonearms do come up from time to time - it wouldn't be overly challenging to fit one to any sort of turntable - I wonder how this one will end
http://www.ebay.ca/itm/12-Rek-O-Kut-...item19e8761924