For formatting, I think you'll be very happy with the details in this other SO post describing how to use NSNumberFormatter to display leading and trailing zeros. Pulled and tweaked from that post:
NSNumberFormatter *formatter = [[NSNumberFormatter alloc] init];
[formatter setNumberStyle:NSNumberFormatterDecimalStyle];
[formatter setFormat:@"##0.00"];
NSNumber* input; // Hook in your input
NSString* output = [NSString stringWithFormat:@"%@", [formatter stringFromNumber:input]]; // Hook to your text field
In order to convert an input of 1234 into 12.34 (and presumably an input of 12 into 0.12), consider that you are always shifting the decimal of the input two places.
// int storedInput has already been set to 1234
int input = 5; // Next button that was pressed
storedInput = storedInput * 10 + input; // 1234 * 10 + 5 = 12345
float displayedValue = input * .01; // 123.45
NSNumber* output = [NSNumber numberWithFloat:displayedValue];
These two code snippets should give you an idea of how to implement these concepts in your program. As for deletion...simply set storedInput to 0. It will be up to you to call these pieces of code every time there is a new input from the keyboard in order to refresh the value.