A drill bit would work if you have a heavy propeller (MA) if you ahve a wood propeller, I think the flutes in the drill will be an issue. Now what you can do is use a pin gage and that should work. Make sure that it is straight.

For a long time I didn't balance propellers either. It was not until I went to APC and MA propellers in the 20" range that I started doing it. Now I just balance them to make sure that I keep vibration to a minimum