What I do know, is that the Paint will begin eroding the moment you first start the engine, thus ruining your fine balance with continued use.
I would think that you would be better off balancing to that accuracy, and then painting and ignoring the imbalance the paint brings in.
A knowledge of the permitted imbalance error would be helpfull....
ok first correction. the paint doesn't erode at all in flight unless something impacts it. dry air does not erode paint at all.
water looks like a splashy soft liquid but at high speed it is as solid as concrete.
at propeller flying speeds a cloud of mist is as effective a paint remover as bead blasting.
second correction. there really is no allowable imbalance for a propeller.
the propeller must be in perfect balance for vibration free flying.
if you do fly with an out of balance prop every part of the aircraft will be subject to relentless vibration.
as an illustration I went flying with a friend in his aircraft. the prop balance was so bad that the vibration coming through the rudder pedals was painful at first and eventually sent your foot to sleep. we flew by alternating in sacrificing our feet to the pedals. they really were painful.
I made a rude comment about not wiring his toolbox to one blade of the prop in future since it threw the balance out.
I don't think he'd ever realised that his prop was out of balance, thinking that vintage aircraft were like this.
after he had the prop balanced all the vibration vanished and the aircraft was a pleasant long distance flier.
keep your prop in balance. you will increase the aircraft's fatigue life measurably.