I've kept out of this thread but now that we are getting contributions from people who actually understand tonearm design I thought I might contribute a little.
Frank it is true that VTF will increase with record thickness but by my calculations the effect is very small indeed. Taking a dynamically balanced arm and assuming the VTF adjustment allows say 30mN range for a full 360 degree rotation gives us an effective compliance around 47,000 um/mN assuming 225 mm arm length. A typical record thickness differential of 1mm will cause a change of about 0.02mN which is around 0.1% of typical tracking force.
Mark Kelly