wow, a biotracer... I had one of those for many years.
As I remember, there is a "zero balance" button that you hold down to free the tonearm for balancing level with the platter.
After that, set the VTF via the dial and away you go!
As to whether it's worth a better cartridge, well, last go round I had a Grado Blue cartridge on it and it sounded fine... doesn't have the panache of a non-plastic bodied TT, but I still liked it.