I'm not sure I understand what happened when you "switched the leads to the transformer" but I would have switched speakers to see if the sound moved or stayed with the speaker. The general description of your problem sounds like a speaker voice coil rubbing when the ultra low frequency modulation due to the record warp drives the cone to its maximum travel.
By the way, all records are warped, but some are more warped than others. Because of the limited music catalog for the new media discs, it is important to get a player which handles both DVD-A and SACD. I have found a fair number of discs to buy. And there's nothing wrong with buying a DVD-A or SACD remastering of an old recording. They are some of the best, and you can compare your old vinyl with the disc and come to realize that fundamentally better technology, even if imperfect, has overtaken excellent implementation of the old technology.
By the way, all records are warped, but some are more warped than others. Because of the limited music catalog for the new media discs, it is important to get a player which handles both DVD-A and SACD. I have found a fair number of discs to buy. And there's nothing wrong with buying a DVD-A or SACD remastering of an old recording. They are some of the best, and you can compare your old vinyl with the disc and come to realize that fundamentally better technology, even if imperfect, has overtaken excellent implementation of the old technology.