Help understanding my odd timing?!?!

First things first... Sorry, might be wordy here... If you have to run 35° initial timing, you have tuning and/or mechanical issues that need to be addressed before any balance/dampener issues are. A new engien needs to run well immediately or there may be issues with ring seal down the road. So I would get it running right first. If it's not rattling your fillings lose as it is now, it's fine "for now".
Start with basics: 1. Distributor drive alignment - Take out the distributor. Look down the hole, you'll see the slot int he top, and thegear driven by the cam. Do what was suggested to get the engine on TDC of cyl 1, on compression stroke. (Finger over the hole, turn clockwise until the pressure pushes past your finger, then continue to turn clockwise until the dampener line aligns with "0" on the timing cover)
Look down the dist. hole. An imaginary line drawn thru the slot of the drive should also pass over the #1 spark plug hole. If it doesn't, use a long big flat blade screwdriver and turn the drive counterclockwise while pulling lightly up to disengage it. Then reposition so the slot faces the right direction.
Next, reinstall distributor with rotor facing straight ahead. Point the nipple of the vacuum can at the 2nd intake bolt in from the rear of the passenger's side and finger tighten the lock down bolt.
Next, make sure the firing order on the cap is right. #1 is dead center, front. It rotates clockwise so start with number one, and go 1-8-4-3-6-5-7-2 clockwise from teh front center post.
Next, plug vacuum line from carb (which should be the ported vacuum on the side of the carb. Not manifold vacuum... I think you fixed that already).
Next, replace #1 plug and wire, and hook up timing light.
Next, Using the idle speed adjustment screw on the driver's side (points up and back from primary throttle shaft... the front "2 bbls"), back it off until the throtle is closed (visually it stops moving at this point). Then, open it by turning the idle speed screw in 1 full turn from closed.
Next, using the idle mixture screws on the primary side (if it has secondary idle mix, ignore it for now), screw them both in until just snug, then back out 1.5 turns.

At this point, you should be able to turn the key and have it fire immediately, and it will be idling high. It's a good starting point. AS the engine warms you can check the timing, and slowly lower the rpm with the idle speed screw and mixture screws to get the idle under 800rpm. When it'as under 800, set the intial timing to 15°, tighten down the dist locking bolt, and see how it runs. If it starts well, and idles well, you can shut if down, verify full throttle (with a friend flooring the gas), kickdown settings, etc, and then drive it. If it can't be made to run or idle that low, let us know.

When it does come time to get a balancer, get the best one you can afford. I won't use Professional Products, or any of the Pro Street (Cyco products) lines of non SFI. The SFI ones seem ok, non SFI are total junk. I wouldn't use them to prop a door open, and I'll torch the new one I have sitting in my garage. You cannot get a good performance balancer new for less than $200. You can get one, but there's no garantee it will be good for you. I've lost one of each type above. The first one just slipped. This latest one is costing me a fortune to fix as it took out the timing cover and crank in it too. Id' rather have my ***** put in a vice than use one of those imported POSs again.