I was in a little too much of a hurry to get to work when I posted this morning and forgot to deal with the pulsation. My first concern was the pull as this is a primary safety factor, the pulsation is annoying but doesn't really effect safety. The warping of the rotor is a side effect of the excessive heat build up caused by the hanging caliper. As long as the brake pads are touching the rotor heat is being produced by friction. If the rotor can't cool between stops it just gets that much hotter with each stop. Carl and Paccool are correct about the hot pulsation remaining after turning. Have had this on my truck for a year and a half, isn't as bad now that I have the rear disks. I have seen this on many of my customer's trucks also. All I can figure is that the rotors are undersized to begin with and when you remove metal during the turning process the heat dissipation capacity of the rotor is reduced enough to cause a problem.
I'm going to quit now before this turns into a novel. Feel free to PM me if you have any questions.