Well, I got it done with no problems. I drew out a template giving me the center point and the locations of my balancer bolt holes. I then cut a piece of 1x wood and transfered the template to it and drilled 3/8th inch holes so I could mount it to the balancer.
I drilled the center hole on the wooden template 15/64ths. I then tapped the balancer on the crank, mounted the wood to the balancer and drilled my first hole with the 15/64th bit roughly an inch and a half deep. I removed the wood template, cleaned out the shavings. I drilled out the center hole on the template to the next size bit on my drill press to 9/32nd. Remounted and drilled the crank to the same depth with the 9/32 bit.
Repeated the above switching to a 21/64th inch bit.
I removed the wood template, cleaned out the shavings and repeated the previous steps with my final bit of 25/64ths.
The one inch thick wood template held my drill centered and the hole came out just fine. I tapped the freshly drilled hole with a 7/16- 20 tap.
Although I probably would have had no problem BFHing my balancer on, I feel a lot better being able to press it on with an install tool.
