To answer the first part of your question, the flywheel and the balancer are a matched set. They either add 50 ounces or 28 ounces, at each end, to the engines rotating mass. They MUST be a matched set, or engine failure WILL result. A 50 ounce set will put more load on the crankshaft's #1 & #5 journals than a 28 ounce set will, but for a mild street/strip engine, the effect would be nill. Still, if the parts haven't been purchased yet, you are always better off to go with as little external balancing weight as possible.
Hope this helps.
Take care,
-Chris
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