"...the fine art of wheel/tire balancing has always eluded me..." Fieroguy
It requires one's lower jaw to be just a little bit askew to the left and tongue out and to the right. Weight should be mostly on the left leg and it helps if you're wearing clean socks & undies.
All kidding aside, spin the wheel on the balancing fixture and it will stop at the heavy spot which is normally at the tire valve, then you start adding weight 180-degrees opposite in small increments. I put a piece of masking tape at 12 0'clock so I'll know where to add weight. Spin the wheel slowly and see where it stops and keep adding weight as necessary. When the wheel stops at a different place each time it is spun, it is balanced.
I had a new Pilot Road 5 installed on my NT's rear wheel a few weeks ago and it only took one 1/4 oz weight to get it balanced! I was amazed because I've had a few times where I had to add so much lead that I thought the rear wheel would be classified as an EPA Super Fund clean-up site.