Later today the same search finds some results back as far as 2006, though not the original thread. Bit of a server glitch, I guess.
Do a search or balancing and/or Mr X when the server is cooperating and you'll find plenty of reading. It's a popular topic and many approaches.
The basics of the Mr X method: Run the engine on a skid over rubber mat or some carpet scraps to allow some movement. Use a rod or some other support in a bucket of rocks or dirt as a brace for a felt tip pen. Start and slowly move the pen in to mark the flywheel. Stop, add 4 oz of clay inside the flywheel rim opposite the mark and about 7 inches leading the center of the mark in the direction of rotation. (That's about right for a 24 inch flywheel at 650 rpm, YMMV.) Now wipe off the mark with a rag and some alcohol. You can then do the other flywheel. Repeat, alternating flywheels, until the marks start getting very long and/or you feel you aren't making much improvement. Ronmar suggests a dial gauge at that point for further fine tuning. Some of us go to trial and error placement "round the clock" at that point to see if the running smoothness can be improved. A typical load is recommended at least for the fine tuning. I tried the dial gauge, and yes, it can be helpful, but I thought my feet and a cup of water on the head worked fine too.
The Mr X method alone will tame a bad hopper quickly. After that it's diminishing returns. Don't keep marking if you are getting long marks and/or are "chasing your tail". Three hour increments "around the clock" was what I did for my fine tuning. Only a small improvement at that point.
If a cup of water will stay put on the valve cover, and your feet say it's fine, that's pretty damn good.