I paint my tips then balance....you aren't buying a 50 buck prop balancer for the prop....your buying a 50 buck prop balancer to protect your engine....
I rough up a 1/2 inch or so of prop tip with sand paper, clean with alcohol, and let dry. tape off the edge...prime using Krylon primer, once dry I paint it yellow using Krylon...once that is dry a clear coat using once again Krylon clear.. light coats are the way to go to keep paint from leetching under the tape....
when I balance I sand the trailing edge of the heavy blade....you don't have to buy a 50 dollar balancer the finger one will due.....or perhaps you can find something around the office to hold the prop but will still rotate in your hand......I'll let someone else tell you about balancing the prop hub