I have a cheap turntable, am I missing out? Options

[luckburz]

Also, will recording at 24 bit and converting to 16 bit give me better sound then just recording at 16?

It depends on the fact if your soundcard and software are able for that. If they are able to capture 24Bit and 96 or 192kHz you should always use it for recording. It´s always the best to get the highest quality master possible. If you downsample it afterwards and hear the direct compare you will see that 24Bit sounds way better. And - if you want to do me a favor - upload both versions. In fact more people download the high quality rip - at least at my uploads. The possibility of 24Bit is also the real advantage of vinyl rips in my eyes. Sure some people complain about the size, but today HDDs are soo cheap...

Edit:

If you have any questions regarding software or stuff realting to ripping - feel free to write me a PM.