[Synchro909]

Werner, It seems you are asking about two different things at the same time. runout of the wheel is one thing, balance is another.
I don't worry too much about a little runout. Once I have straightened any bent spokes (which I do cold), I've never had to do more. For balancing the wheel, I made a stand with a free wheeling front hub mounted on it. When a wheel is put on it, the heavy spot goes to the bottom. I use stick on weights to balance it till I can put the wheel at any orientation on the stand and it will not turn. Before I made the stand, I lifted one front wheel off the ground, backed off the brake so it turned freely and used that. I've been to 70 mph (non standard car) with wheel done like that with no problem.

FWIW, For the first few wheels I balanced this way, I used my own weights. I took a piece of angle iron about half a metre long and welded a plate on each end so they acted as a stand as well to hold the angle iron so that it formed a Vee like trough. I melted the lead out of an old battery, pre heated the iron channel and poured the molten lead into it. Once it was cool, I measured its length and weighed it. I went through the same process as above to balance the wheel but I used old balance weights taped to the top spoke. Once I had things good enough, I added up the weights I had used and it is a simple calculation for work out where to cut the stick of lead. I then wrapped the lead around the same spoke as I had he other weights on and painted it the same colour as the wheel. Stick on weights are less hassle and simpler to use.