The balancer is held in place by the bolt, however it'* also a press fit onto the crank and therefore must be pulled off. This can be done with a puller that you can usually rent from the local parts stores. Only trick is that the bolts from the puller into the balancer are 80+mm m6x 1.0 (IIRC) and you will rarely find them with a puller kit.
I found my bolts at Napa in the bolt drawers, they seem to be semi uncommon due to the small diameter and long length.
Once the balancer is off, in your year there is a way to adjust the sensor. I would suggest searching here on how to set it, my understanding is you have some wiggle room and overall it is not a tough or hard procedure to get it lined up.
00 Regal GS: All kinds of cool stuff.