Rockyboy,
In my collection virtually every other record, both new and used, displays some warp. A perfectly flat record is in my experience hard to find. My Delos has always handled the warps like a champ, but why subject your cartridge to this extra stress and wear? So yes, I'd say get a periphery ring.
I was also in a situation similar to yours, where I already stretched my budget to get the Classic so the VPI ring was out of the question. What I did was to go for a much cheaper TT Weights ring to "tide me over" until I could upgrade to the VPI ring. I had a TTW 600 gram copper ring for close to two yrs, if my memory is correct, and I finally upgraded last summer.
The TTW ring was I believe a bit over $300, and did a good job with most warps. I do like the VPI ring better though so I agree with most here who advised you to go for the real thing, when you can. Sonically, the difference was audible, but not significant. I like the design of the VPI better as placing it is easier as it fits the platter, not the record. The horror stories you mentioned must be from users who were either careless or very drunk, or both, for if you're careful with placing the ring and lowering the stylus, there is virtually no way to damage anything.
However, equally if not more important to me was the knowledge that the record being played is flat, and my Delos does not have to struggle to stay afloat like a boat fighting against big waves. That feeling alone is worth investing in a ring, whether VPI or TTW, IMO.
Lastly, I don't mean to hijack the thread, but a quick question for those who have the Classic with a 300 rpm motor: do you know whether you can use the SDS with it? I'm thinking of upgrading from a 600 rpm motor and wonder whether I could continue using the SDS with a different motor. Mike from VPI is impossible to get. Thanks.