Balancing the rotating mass of the bottom end won't make a lot of difference, it's the stresses acting on the crankshaft stretching and twisting it about that creates the problem. The vibration caused from this stretching sends a shockwave down the length of the crankshaft which, if at just the right resonating frequency, will cause further distortion of the crank. Without the harmonic damper absorbing the shockwave as it reaches the front of the crank, it'd then reverse and travel back down the other way in a similar fashion.
You only need to look at a suspended bridge during bad weather to understand why these resonating vibrations need to be absorbed by an external component.