That method might work great if you are replacing the balancer, but if you are just removing and replacing, it might damage the balancer.
What I do, if I can't use a puller, (its unavalible)(btw, you can use a puller, just bolt 3 bolts in the slots, and use an impact wrench to pull it out.) is I use the impact hammer, on the bolt, except the bolt has been unscrewed to let the balancer slide out. I have an assistant use prybars to pry the balancer out while i use the hammer on the bolt. I keep unscrewing the bolt some more, and more until the balancer comes out.
Are you sure a puller won't work? Take the new balancer to someone who has a supply of new bolts. Find the right size bolts, and get some washers. Put the bolts with the washers into the puller, and into the balancer. You will need the balancer'* bolt removed btw. Use a regular rachet, if possible, or an impact wrench on the puller, and it slides out with ease.
2009 Pontiac Vibe AWD 2.4
1993 Buick Park Avenue 3800
1984 Chevrolet Citation 2.5 liter four.