The balancing has very little effect of a diesel,due to the extremely rough power stroke.I have never seen any benefit from balancing a diesel motor.Basic balancing is about all you need.
Lightening the crank is not advised either.We have played with lightening stuff,as well as knife edging,and had little success.if anything,it made it run very rough.
Lightening things like the flywheel,clutch,etc will help with throttle response,but will induce some minor vibration on some motors.It can also make it tricky to get the clutch out just right.