I have read similar articles over the years, and my procedure is as such:
1). Remove the sharp leading and trailing edges of the prop using fine sandpaper (saftey first).
2). Balance prop with a "fingertip" field balancer and a little sandpaper.
3). Mount the prop on the engine so that the blades are approximately horizontal at the start of compression. In the event of a dead engine, the prop will rotate to this position, and be least likely to strike the ground.
4). Go fly! - That's what we're here for... right?

The act of placing the heavy blade opposite the piston is somewhat redundant. If you take your engines apart, you will see that the piston already has a counterbalance on the crankshaft. If the counterbalance is to light, the heavy prop blade could help, but if the counterbalance is to heavy, the heavy prop just makes it worse.

"Don't sweat the petty things, and don't pet the sweaty things"
{author unknown to me}