I didn't have time to reply this morning.
What kind of track? Dirt, pavement, short track, long straights, momentum track where you get up to speed and hold it there?
Working range, from xxxx rpms to xxxx rpms.
Trans? Five speed where it will be constantly running up and down thru the rpms?
I have always been fairly conservative when it comes to cutting counterweights. From the pics, I don't think you have hurt it. As far as the dynamic thing goes, if you will be running lighter than stock pistons and rods, then you have possibly helped it.
On dirt motors, I have seen some wild jobs. Some of the Pinto guys used to cut all of the counterweights off. I, like your ballancer guy, always said don't do it. However, I have not seen any real reliability issues.
I have seen some other issues that can possibly be linked to extremely light cranks. One is the timing chain. I have had engines brought in for a freshen up and the double row Cloyes True Roller chain had the center link broken. I have also seen this on other dirt motors but mostly on lightened cranks. This can also be related to improper damper for the application (read Fluid Damper) Which is closely related to dampening effects of the counterweights. This could be the timing chains, but I suspect the cranks are agravating the issue. I wouldn't call it unreliable, these engines had a full season on them of a minimum of 500 to a maximum of 1500 race laps on a 3/8 to 1/2 mile dirt track. The 3/8 is a momentum track, you get up to speed and with the wide sweeping turns the rpms stay up high. These cars spend a lot of time in a certain range. The 1/2 mile track has long straights and adds some revs but is similar. I haven't seen this on the 1/4 mile tracks. These guys are pulling less gear and the revs go thru the range very quickly.
I had a Ford customer who backed his car into the wall with a lightened crank. He wasn't used to the extra engine braking and while trying to dial in the front to rear brake bias, he locked the rear tires and the car was sideways before he could get off the throttle, causing the engine to die and he was just there for the ride. If you choose to use this crank, remember all of the little things it affects. On a road race car, it will help save the brakes.
I would probably drill a 3/4 in (19 mm) hole in the rod journal. If the placement of the oil passage allows it. Then I would profile the rod throws. Follow this with a full grind and polish of all the rough casting and shot peen.
I suppose a guy could get down the nitty gritty if he knew the original ballance parameters. Break it down to a one cylinder. Maybe take a bad crank and cut it off at the back of the second main journal, then face it off smooth. Take it to your ballancer guy and have him find the proper bobweight for it. This would be a time consuming project. It would be made easier with a digital ballancer. Spin it real slow and measure the imballance. Build a bobweighht and install it, spin it a little faster, and fine tune the bobweight till it spins in ballance. Then you could compare the bobweight to the weight of the OEM parts and arive at the original percentage.
Now this is where it gets funky. A one cylinder engine is balanced to different percentages for different applications. If your ballancer guy does carts, Jr Dragsters or lawnmowers he can shed some light on the differences. Then you could decide on the proper bobweight for your application based on the weight of the new parts (ground, polished and shotpeened rods, and new light weight forged pistons). As for the dynamic ballancing? This crank was designed to offer a smooth cruise in a passenger car not for acceleration. Granted, the factory system will give the most longevity, it is not the best for acceleration. As with other performance gains, you have to decide how much you want to give up and how much you want to get in return.
Now take the one cylinder crank to your handy mill and drill the rod journal (remember, the hole you drill will have to be angled like it would be on the middle journals of the six cylinder crank) then mill the profile on the rod throw. Follow this with a full grind and polish of all rough casting. This will have reduced the need for counterweights to get the same ballance. Install the new bobweight and spin it slowly on the ballancer, take it out and mill the counterweights down a little, repeat this process till it is ballanced to your liking. Now you have a pattern for modifying your cranks.
I have also seen V8 engines overballanced for getting off the turns better, but that is a story for another day. Think about that word, overballanced, that doesn't meen heavier crank but it does meen a heavier counterweight than needed for a smooth engine. I think some of the fuelers run overballanced cranks. Not a problem with their budget.
When I unpacked a brand new Hines Digital Ballancer, I thought it would be a simple thing ballancing cranks. I opened the book and it explained the THEORY of ballancing engines. We spent thousands of dollars for a machine that will measure a tenth of a gram on the counterweight and the book talks about the theory.

I miss that machine.
Print this out and have your ballancer guy read it. If he is anything like me, he will probably work with you and explore this project for the education.