Not to get to technical on the "nose heavy" balance but if you put a Fox 35 with a Fox standard muffler on it, the Ringmaster that is very light will balance very close to the leading edge which most would consider nose heavy. Will it do the OTS pattern balanced here - YES, but you need to be very careful on the wingover, vertical eight and square loop so as not to stall it. If you adjust the balance back to about the 15 - 18 % point it will be smoother and less prone to stall. If you go with no muffler, no spinner, wood prop and very light wheels with the Fox it might be in the 10 -15% range and work fine.
Note that balancing it on the LE, or at least way far forward, is probably OK, but you MUST, repeat, MUST, make the controls move very slowly in any case, as little as +-1/2" at the trailing edge of the elevator or so, with full hand motion. The further aft the CG, or the heavier the airplane is, or the weaker the engine is, the less movement you can tolerate.
The CG is not at all critical, you can slightly adjust the feel of the controls with CG adjustments. If anything moving the CG aft makes it more prone to stalling, but it's not a strong effect.
This is far more critical than saving weight or even putting on a good engine. Adjust it by going out an trying to stall it, and add or reduce motion until it can just barely be stalled with extreme handle motion with near-empty tank, then slow it down just a little more.
Brett