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You'll want a new crank bolt also.
As for how long, depends on how much trouble you have w/ tools. It took me ~45min, the majority of which was removing the old balancer.
I had access to the J-tool for installing the balancer which helped considerably. Big threaded rod, roller thrust bearing, and nut. Just slide the balancer onto the crank snout, install the tool, and pull the balancer into place using the nut and thrust bearing.
yes you have to pull the rack... thats not the worst of it if you have a power steering cooler thats the real pain. it doesn't come out easily, easy to bend/break lines