Next job, I am going to remove the flywheels etc and take a stab at balancing this machine better. It is a bit jumpy (up-down) and has a weird left and right rocking to it. This suggests to me that, not only is the balance out, but also the two flywheels have differing weights/counterweights. Are these even the original flywheels or a matching pair? No idea, but anything is possible to have taken place over the last 90 years of its existence.
I have some 2" bright bar and a motorcycle wheel balancer and will check things out first using the string and bucket method. See where we go from there.
At low RPM, as seen in the video, it is pretty stable. Once the revs come up it gets a bit spicy.