It wouldnt really make too much difference, it only makes a difference in two occations that i know of, longentivity of the crank front bearings, and the damping stress of high engine rotations.
Basically the rear of the engine is where the transmision and load of the car at, on the front you have the load of engine parasites ie. Pumps, valves, alternator, the balanser is a heavy metal that will balance the rear and front loads so that the bearing wearnout on both sides of the engine the same speed, also keeping the vibrations low as well.
Removing or ultering these two will result in long term engine bearings rapid wearout if you dont mind then yeah throw light weight pulleys on and go racing, just remember to be ready to swap bearings sooner.
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