I don't know what the terms static and dynamic balancing mean, and I spent about ten minutes trying to get an understanding from googling the terms, but am none the wiser. Most search results come back about car wheels and the computerized dynamic balancing available.

I spun each wheel over twenty times, marking where it settles, and adjusting with small added weight if necessary. The repeated the 20+ spins.
The upper wheel didn't have any repeated pattern of where it stopped. The lower wheel did, and I added about 1/2 oz weight. After this it was random for 25 more spins.

My local band saw place said they can balance the wheels, but they use the exact same method, just some dude spinning the wheel by hand and so on.