"I don't think that it would drastically change the kingpin pre-load unless the whole truck was bouncing around. It would however cause the truck to drive all wierd.
It is most likely due to a toe problem.
Air is the prop valve? You mean the one under the radiator area? why do you think that air is in there. It is more likely that you have air in you calipers as they hold much more fluid.
Either way I doubt that air would cause any pulsations. It could give you the low and soft pedal though.
The number one cause for low/soft pedal is that the drums are not correctly adjusted, so the pads have to travel too far to get in contact with the drums.
The pulses could be due to two things.
1. Warped or non-paralell rotor faces.
You have already ruled out the warpage, but did you check both sides of the rotor for too much runout?
2.
This one is a strech but bear with me here. If the wheels are hopping back and forth due to a toe issue then the calipers would be doing the same just not as much movement since they "float" on the rotor. This "float" and the cailper movement in relation to the rotor face to cause the caliper to pump fluid back towards the MC. Much in the same way that a warped rotor will.
Get your toe in spec and see how it goes. Remember that D60's are pretty sensitive to toe changes. With 37's on 15" wheels I would shoot for 1/8 in or even a little more."
I am hoping it is a toe issue and not the booster or MC

. If it is not a toe issue I think I am going to buy a MC and HB for an 87 V-30 as that is the brake system I am running.
Ira