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The balancer only can go bad if the elastomer compound holding the outer ring to the inner hub is deteriorated. An easy way to check this is my getting out the ole timing light and seeing if the reading at idle is nowhere near where it needs to be. The other 2 ways are checking TDC with a piston stop and making sure it matches the mark on the balancer, or pulling off the crank pulley and trying to spin the outer ring by hand.
If you think it is going bad because you feel weird vibrations, it probably isn't the balancer. The main job of the balancer is to absorb the ossicilations produced by the combustion process-not to balance the rotating assembly in your car. -Matt-
Once mine started to go, I had an intermittent high-pitched squeal that lasted about half of a second when I started a cold engine. Unfortunately, I did not find the problem until I was driving along the road and then it separated completely.