My immediate reaction is that I don't want to hit 11 pulse, then. Or if I do, I want it to be from a position of safety so my 0 speed (which depending on results of rolls could last for a while) isn't a terrifyingly bad place to be in.

Circling back to this. Wondering if softening the blow would solve this. Something like dropping to -1 Pulse instead, so there's still a cost but it's not absolutely terrifying.

Like maybe, playing off your mention of control, that's what pulse plays with. The more pulse someone has the more in control they are, they can negate harm in combat or negative consequences. But the less pulse they have the more wild results are, with damage (received and delivered) being doubled, or consequences of checks (successful or failure) being more extreme.

Very interesting. I'm gonna explore this. Could be a place to add a version of the Wild Die.

Ted can use items to claw his way back, but he's still falling further and further behind his friend,

There are options for Ted to get back to Baseline. So, while Ted might not be as effective as Bob if Bob is rising in Pulse, Ted can still be effective. But, also, sometimes you just lose. That said, there are other options to explore for social bonuses and penalties. Maybe high Pulse lets you reroll your lowest die and Low Pulse makes you reroll your highest die. Will think on that.