my two and 1/2 cents..Smokey Yunick summed it up once. You can balance the rotating and reciprocating parts in an engine and even work out the formula for on particular RPM and the engine will be " balanced" for that narrow crank speed range. Thats about all you can do until some one figures out how to oil the darn thing without a bunch of oil flinging and flying all over the place. Smokey made a clear plastic oil pan and watched the oil at high revs..total classic " hot mess"..oil was randomly clinging to the center of the crank and then the ends with no real pattern...his advise is to not worry too much about balance ..get the parts with in one to two grams of each other and run it...he did go on to discuss harmonic balancers, flywheels, weight and diameter..but that is another post
one final note..balancing is , in my opinion, done for longevity and not so much for performance..although the valvetrain can really go awry if you have random harmonics introduced ..this is why NASCAR engine builders went with timing belts vs timing chains and gears..more stable and consistent valve timing made more hp