Good point Myles. Can't remember right off the top of my head but I know the step up has quite a bit of gain. I'm at work now but will edit post when I get home.
Yes as you load down, you are eventually throwing away 1/2 the output of the cartridge. Plus many line stages nowadays because of digital are only 10 dB or so compared to the 20 to 25 dB of yesteryear (luckily my GAT is a throwback with 25 dB of gain!).
Reason raised the question is that in my recent listening, one needs to have with low output MCs around 60-65 dB of gain in the phono; and no can't make up the "missing gain" in the line stage. What I hear is a loss of dynamics and the sound becomes boring and dark.