There are two types of balance as could be related to a four cylinder crank.. Static and dynamic. Static won't work on a crankshaft. You could have one end 50 grams heavy in one spot, and the other end 50 grams heavy 180 degrees opposite. This crank would be in perfect static balance.
But when you spun it up, it would act like two out of balance wheels connected by a common shaft. Dynamic balancers measure the imbalance in what is referred to as an X plane thru the center of the crank. So with that you would correct both ends of the above crank, and it would then be both in static and dynamic balance, and not try to oscillate when spun up.
So you really can not do it your self. It is not like balancing a wheel on your bike.
You do not have to weigh the components and add bobweight like on a V8 or V6, etc. The inline four ( not big bang ) is 'self cancelling" . As long as all of your components weigh the same, the balance will still be good. That is why you can swap out stock pistons and rods for a 1000 kit and Carrillos and still have a balanced assembly.
As was pointed out above, we balance the cranks to an extremely tight tolerance, not so you can spin it to 14,000 plus, but to allow the builder to have a small leway in their component weights.
http://aperaceparts.com/mailers/crankmail.html