This will cause wear and tear on your canteliver and boot. Shortens cartridge life. I have the VPI periphery ring which eliminates record warps. what a revolutionary advance in turntable technology!
I wouldn't worry about playing a warped record on occasion. I've got one or two that deflect about 1/4". If your arm and cartridge track it without flying out of the grooves, I wouldn't sweat it.
One thing I would watch for is extreme woofer pumping caused by warped records. If your speakers are close to being a heavy load on your amp you could experience clipping.
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