Oh, I hate this topic. But here goes.
Due to the frequencies of vibration, a slightly off balance wheel is felt in recurring "waves."
It's usually between 30-35mph, then again at 60-65, differing slightly depending on tire size.
On a car, it's noticeable due to it affecting the whole car, shimmy in the steering wheel if it's a front tire, shaking the seat if it's a rear.
On a lightweight bike, you won't feel it at 30-35, mostly due to the bike bouncing all over the road surface.
At 60, you'll feel it if on a really smooth surface, but otherwise, not at all.
Unless you have a drastically out of balance wheel, like there's a five pound rock in your tube, you'll never notice it, and it won't affect the bikes handling.
What affects it, like speed wobbles, shakes, hops, etc, are out of round wheels, bent wheels, broken, loose, or just plain crappy suspension, short wheelbase, bad geometry, etc.
Unless you're riding on glass in a vacuum, you won't notice a wheel out of balance by a few ounces on a 120lb bike.
And all you can do is a static balance (meaning put weight opposite the heavy side, so the wheel doesn't come to rest in the same spot while free spinning.)
But if you wanna do it, knock yourself out.