Would it be detrimental to use high quality premium cables with entry level equipment?
The answer is ‘No’. There is nothing wrong with using expensive cables with lower-end components. You may get better sound quality compared with using cheaper cables with the entry-level components.
But it is question of getting your priorities right. Upgrading to higher-level components will give you a bigger increase in sound quality than upgrading the cables. Thus you will have better sound using higher-level components with cheaper cables than when you use entry-level components with expensive cables.
It is advisable to spend the larger portion of your budget on the components, especially the source – the CD player or turntable.