There are actually two issues which are key to this air-pumping thing about 65-82 disc brakes.
First is the aforementioned runout...actually either runout or thickness variation can cause air pumping.
Secondly, in the rear, if you have too much bearing play, even if the rotors are perfect, you'll get air pumping.
That the pedal is rock hard after bleeding then goes soft as you drive is a sure sign of air pumping.
So, you need to check for rotor run out, rotor thickness variation and rear bearing clearance and remember, the clearance at the bearing is multiplied by the rotor's radius so even if you have a bearing clearance that within the GM spec (.001-.009 as I recall) you can still have enough "run-out" due to bearing play that you'll get air pumping.
For more information on servicing 65-82 disc brakes see:
http://www.idavette.net/hib/BBfHInet12.htm
http://www.idavette.net/hib/BBfHInet13.htm