Balance master devices have been around since WW2. My first experience with them was around the early 1970's, with them being used attached to truck rims, to dynamically balance the wheel and tyre assembly.
Naturally, the company gave glowing recommendations and testimonials from users - but strangely enough, they never really "took off" as far as general use and acceptance went.
There are multiple reasons for that, but I won't go into detail about those reasons right now, because truck wheel applications are different to aircraft applications.
The Balance Masters fitted to truck rims contained mercury and steel balls. The principle marketed, was that the steel balls gravitated to the area that needed weighting, and the mercury added a little more weight, but also slowed down unnecessary rapid and constant re-positioning of the steel balls.
Then came versions using silicone fluid, or just mercury alone, and applications covered everything from motorcycle flywheels to propellers. They were always marketed as the ducks guts to solve balance problems - but many users were not satisfied with their performance.
The bottom line is, balancing is a black art, and a field all to itself. You can have imbalance coming from torsional whip in shafts, or imbalance simply coming from large rotating masses that have excess weight in one position.
My best mate spent 30 years balancing tailshafts and that was really eye-opening, as to where imbalance could come from, and often, how little it took to cause vibration, and how little it took in correction to get near-perfect balance.
RPM ranges can also produce harmonics that increase vibration - witness the RPM range of some aircraft piston engines that engines must not run at for extended periods. due to damaging inherent harmonic forces.
A lot of people fail to understand that Balance Masters don't actually put rotating masses into precise balance. They operate by DISRUPTING the harmonic imbalance, by moving the imbalance around.
The interesting part is the force amplitude of the imbalance with the Balance Masters fitted, is actually larger than when the Balance Master is not fitted. But because the variations in force amplitude change randomly, the amplitudes generated, don't affect any other components that might have some imbalance.