Frank,
The Lovejoy direct coupling should be superior to the belts in many ways, especially on that small engine... \
minimal side loading on your main bearings,
no belt slippage or maintenance,
likely more responsive speed governing.
I do not know what your vibration problem is, but it is something to watch carefully and take care of for sure... I have never seen any balance problems with any of our ST heads, they are factory balanced. It may be your shaft extension or pulleys are out of balance.
dieselgman