I like a slight variation on hvirtane, B529 and kitestring's methods. Using the knife edge, find the blade cg distance from the center of rotation, weigh the blade, multiply distance by weight (resulting in moment), compare the 3 blade moments.
This is much like the method used on many larger machines. Imagine trying to static balance three fifty foot long blades, assembled to a hub. Now compare that to handling one blade at a time, without a hub, without assembly. Much easier, not to mention that it simplifies replacing a blade in the field considerably. And it's the only method that quantifies the balancing. Dangling the rotor assembly or setting it on a point don't tell us how balanced it is or how much more balanced it needs to be. Gougeon Brothers (the folks who designed, developed and built the early wood/epoxy composite blades used on Mod-1, ESI and Enertech machines) arrived at this method and concluded that blade moments within 2% of each other made for adequate balancing. This quantitative comparison isn't possible with any other method.
Neil