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You might as well ask what's the best brand of oil. Lot's of opinions and some valid arguments on each side.
IMHO, as long as it's done correctly balance is balance. Internal uses a neutral balance flywheel/flexplate and front balancer which makes for easier swaps later. External balance those two parts are balanced with the rest of the parts. Or should be. Some stroker motors are external balanced because of the cost to do the internal. GM did the external on the 400 and the 454 because of the cost.
Whats better an internally balanced engine or an externally balanced one and why? thanks Skip
As said by the previous poster, the best reason for internal balance is that if you ever have to change out harmonic damper, flywheel, etc, is that all you have to do is by one that is neutral balance and bolt it on.
But is int correct that all the flywheels/flexplates and balancers used in the externally balanced engines have the exact same 34.5 oz counter weights? .. Do the machinest have to drill holes in them to alter the amount of counter balanced weights?