The saga continues.
I've had a chance to try out a few things so, Jon, if you read this I'd very much appreciate your thoughts.
The balance weight is a solid rectangular piece of steel 3" x 1" x 1/2" and is fixed to the pulley shaft so that it is vertical when the arms are at their lowest point.
I reset the pulleys so that they were completely in line and set the balance weight as close to the plane of the pulleys as possible. All the bearings and pivot points seem to be in good condition.
I've tried the following (all with the saw NOT bolted to the bench.)
1. With initial setup - quite severe vibration above half speed
2. Moving the balance weight through 10 degrees clockwise or anticlockwise seems to have no effect
3. Moving the balance weight through 180 degrees also seems to have no effect
4. Moving the weight through 90 degrees seems to improve things considerably (short test as it was getting late and I didn't want to annoy the neighbours!) I'll try it again tomorrow. Doesn't seem logical!
5 Most of the vibration seems to be in the vertical plane as the saw acts like a 'hovercraft' and seems to float above the bench. A small push on the side moves it in that direction
Now for several questions:
1. If I remove the balance weight completely what is the likely effect? Will the saw shake itself to pieces? (can't do this at the moment as I need a puller to remove the pulley)
2 Is a rectangular shape for the balance weight the best or would a pear shape (of the same weight) with the widest part centred around the shaft be better.
3 The saw has hard rubber feet so when I bolt it to the bench I will put 1/2" neoprene pads under each foot - that should help reduce vibration??
Sorry for the long post - vibration is now at an acceptable level and is probably OK for 90% of my requirements. However I would like to understand what is going on as it offends me that it is not rock steady throughout it's speed range!!
UPDATE
I've just bolted the saw to the bench with the neoprene pads under the feet and the balance weight 90 degrees from it's original position. The result is a great improvement. Still some vibration at high speeds but it is manageable. I think I will try it without any balance weight sometime soon. Now I guess I should start cutting some wood