Actually, we've had a homebrew but decent setup for this (and cassette, which is arguably even more important) for several years now. It's a bit clumsy (it uses MS tools, so getting it to spit out MP3 is a rigamarole), but I've already transcribed a few of our especially rare LPs and cassettes already. (Eg, a Clams tape or two, Don's album, the Android Sisters, etc.) So that's explicitly part of the plan for things that simply *cannot* be had on CD.

I know there is a used record store in Cambridge on Mass Ave, but I am not recalling its name.

Ah, I think I know the one you mean -- down near Bowl and Board. I'll look into that -- thanks!