Can a rotating assembly using a non-counterweighted crankshaft be balanced?

I have a question for moper, or for any of you other machinist-types:

Can the rotating assembly in an engine that uses a non-counterweighted crankshaft (such as a Model T or a Dodge Bros. 4-cyl.) be balanced, or would that be impossible?

Can it be statically balanced? Can it be dynamically balanced?

Please explain your answer, as they used to say on tests in school. I know I'm pretty clueless, but I am curious as the devil about this. Thanks for any information you can give me.:notworth:

- retroguy