However, last year I stumbled across a really great idea for a portable (you can put it in your under-seat tool tray) "Pocket Wheel Balancer" in an article written by Brian Curry on the IBMWR website. In brief, his balancer does away with the heavy, bulky balancing stand by mounting the balancing rollers on two little metal plates which are then hung from any convenient over-head support. The wheel and axle are placed on the suspended balancing rollers and balancing then proceeds as with a normal stand balancer.
Brian deserves the credit for this very excellent idea.
My contribution to his original concept is to use readily-available materials -- primarily