You are right about static and dynamic balance.
A statically balanced propeller will probably be very close to being dynamically balanced as well.

Balancing a spinner using a static balancer is more of a hit or miss affair. Think of it this way:
An unbalanced spinner has a certain diameter and depth. Let's say that you deliberately made a spinner unbalanced by epoxying a leadshot on the inside of the spinner about halfway between the back plate and the front of the spinner.
Now try balancing the spinner by securely attaching extra leadshots to the back-plate and eventually you would end up with a statically balanced spinner. (Of course this is only a thought experiment, its a very bad idea to attach anything to a rotating prop or spinner!)
If you tried using this spinner it would vibrate badly.
The reason is that it is dynamically unbalanced. The centripetal force created by the lead shot inside the spinner and centripetal force created by the lead shots attached to the backplate create radial forces that are applied at different axial positions. The moments created by these forces will not cancel out and will cause the spinner to wobble if it were free to move about at will. Because it is firmly attached to the engine, it will insted try to make the engine wobble, i.e. vibrate.

The lesson is:
- A statically balanced object is not necessarily dynamically balanced.
- Thin objects such as propellers (large diameter with little axial thickness) that are statically balanced are also close to dynamically balanced.
- For thick objects objects (large axial dimension compared to diameter) static balance is a necessary, but not sufficient condition. It really needs to be dynamically balanced as well.

/Red B.