Here's a good thread on the piston ratios:
Panigale Brake Upgrades - BEWARE!
The debate between the two is personal preference. On the MC, the first number is the diameter of the cylinder, being 19 in this case. The second number is distance between the lever pivot point and the plunger. So in this case, 18mm vs 20mm. The 19x18 will have more feel but longer lever travel. Fast guys who like stiff brakes and suspension might find it too mushy. The 19x20 will have better braking power overall and less lever pull. The complaint here might be that the brakes are too "touchy". So again, it's all personal preference. The new Corsa Corta is unique in that it has the ability to switch between 16, 18, and 20. But honestly, if you're spending the money on the billett calipers then I would have a matching billet GP master cylinder as well.
As for the rotors, I would at least sand and hone them. This kind of goes back to the MC argument though. If you're dropping that kind of money on calipers then I'd complete the brake upgrade puzzle with better rotors as well. Brembo T-Drives or TK Dischi Evo's. I'm going off of Endodoc's recommendation and trying out the TK's. Then if you're doing all of that I would look into custom lines and bypassing the ABS. See how this turns into a slippery slope?