The weight does refer to an imbalance in the flywheel. What is critical is that you have it matched with the balancer. Up through 1979, both the balancer and the flywheel had an engine imbalance of 28.2 ounces (for 5.0 engines). From 1982 on, this changed. The imbalance in the flywheel grew to 50 ounces, and in the balancer it grew to 34 ounces. It is critical that your balancer and your flywheel are a matched set, ie: both are 28.2 ounce, or 50/34 ounce.
Take care,
~Chris
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