Nimrod,
I assume that you mean a Yokogawa recorder. Not Yokogama, which I know nothing about.
Yes, putting an extra burden like 1 ohm should be OK. But you know about opening secondary windings, don't you?
The Yokogawa recorders usually have an RMS function built-in, so you don't have to rectify your signal.
But if you need to rectify it, dont put the rectifier after the resistor. It will give you a voltage drop around 1.5 volts, which means that you will not even see currents below 500 A primary. So, there's more to it than form factor.
The PI/(2xsqrt(2)) is important as waross says, but you should get rid of the -30 percent error before correcting for it. Also, you may want to smooth the rectified signal since the recorder is fast enough to reproduce the ripple of the rectified signal. When you do, you will have a value that is sqrt(2) higher than your RMS value. So, that is what you should correct for.
Now, how do you avoid the two diode drops in the rectifier? Simple, rectify before you connect the resistor. The current transformer is a current source with very high compliance (that's why you get high voltages when you open the secondary) so the diode bridge doesn't infuence current at all. The output is the rectified secondary current - no more, no less.
Safety measures? Good you asked. But if you feel that you need to ask - please be instructed by your fellow engineers.
Re. the RMS/voltage chips in the catalogue. Yes, very good chips, most of them. But there is a big difference between hooking up a resistor (and perhaps a rectifier) and designing a circuit board with power supply, analogue interface and these circuits. Orders of magnitude in complexity. The resistor/rectifier can be done in a few hours - the chip thing needs a week or more if you are unexperienced. And then you don't even have a decent PCB - just a bread-bord. And a badly calibrated one, too.
Gunnar Englund