Of course, the real way to do this is to optically scan the record and simulate a stylus tracking it. The Library of Congress does this.[1] They've even recovered records broken into pieces, by scanning the pieces and reassembling the 3D model.
There doesn't seem to be any free or commercial software that converts high res scans of vinyl records to high quality digital audio. I remember this post from 2002 http://www.cs.huji.ac.il/~springer/DigitalNeedle/index.html where a guy posts his results with this approach, but the quality is bad and he doesn't provide source code.