Of course, primary mass imbalance can and should be counterbalanced correctly, but secondary imbalances usually need a second balance shaft. And without the second balance shaft secondary imbalance will limit speed during to excessive vibration, very likely before you get to limiting piston speeds on models? But all this needs to be calculated per model so you really know what is best. Some of my slow steam engines are adequately balanced by judicious positioning of out of ballance cast flywheels. Means they run much slower as well. Good for displays to show off the motion.
K2