John, I went a slightly different aproach, on my Avenger I have a 2.75 ounce spinner nut that Scott made for me out of brass. and I have a one ounce weight under that nut, so I have 3.5 ounces on the crank of the beast... and its had many many flights. The Magnum in it is still as solid as a rock. Now that said, I like the idea of concentrating the weight as close to the centerline of the crank as you can. the farther out the weight is, the more critical balance seems to be.
my two cents worth,,
and yes, that pretty paint job comes at a cost... to much paint on the tail!!! and to think It could be flying at 59 ounces or less without all that weight on the nose..