Paul, if I understand what you are saying ... the TT shield doubling as the ground wire is actually do-able, although I didnt do it. I used about 3 feet of shielded quad cable for the external turntable interconnect (about 150pf / meter). At the split for left and right channels I individually shielded the pairs and soldered the main shield to the shields run for the pairs, but obviously I didnt connect the shield at the plugs. Internally, the arm wand ground and the ground for the tonearm base are tied to the shield and an external ground wire. Technically, the individual, external ground wire running from inside the arm base for connection to the phonostage ground lug could have been deleted and instead a ground wire could have been soldered to the shield at the break-out for the left and right pairs. That would essentially make the shield with all 4 signal wires the ground that gets connected at the ground post as you suggest. Well, it actually is now, electrically. But it would become the ground more directly I guess, with a shorter run to the ground post. That is, except for the 5 inches or so where the individual pairs break out of course.
I've never seen this done, so of course I didnt do it. If I get ambitious, I could try this later on. In fact, I could do so without having to completely re-wire the arm. I would just have to re-do the plugs so I could neaten up the cable again with some new heat-shrink, whether it "worked" or not. At present, the ground wire isnt heat shrunk or cable tied along with the signal wire, so I will do that. But again, this is "search for perfection" stuff. Still, very interesting suggestion regarding the ground.
Also ... I think that the TV and HT system may be on the same circuit as the audio, but Im not sure. Dont know if that makes a difference or not. Both systems are plugged into their own Surge Suppressors with voltage regulation. Anyway, I may be imagining it but I think that the "noise" is a little lower when the TV is off. The TV sits only 2 or 3 feet from the TT. Again, I cant say for sure, I would have to do an A/B. But again, this is low-level stuff either way. If there is a difference, it isnt much.
Thanks