Engine Balancing: Static vs. Dynamic

[Richard Tomlinson <sysgen@dircon.co.uk>]

I'm rebuilding my engine, the rods are going to be shot-peened
($10 each which I thought was reasonable considering how few
companies do it) but the question of balancing came up.

Talking with a company that balances V8's they said that dynamic
balancing was preferable but nobody, it seems has the capability to
balance a large V6.  I questioned the benefits of static balancing. 
Although, it seems, it helps, the change in weight of the rods and
lighter pistons (Forged with skimmed tops to bring the CR down to stock
levels) may offset the current balancing.

Can someone with crank/rod balancing give me some suggestions to
what actions I should take and supply some focus on the cloudy
subject.  I think its highly doubtful I can do a full dynamic balance
so what should I do to ensure that a static balance and whatever
else is necessary works as best as possible.

On a side note, is it worth shot-peening the crank?  How likely is a
crank failure with respect to other components?

Thanks, and maybe oneday the engine'll be back in the truck :-)
---
Richard J Tomlinson - sysgen@dircon.co.uk  (Also at sysgen@hotmail.com)
1991 GMC 'Saudi' Syclone #2612