I think there's going to be more resistance in the larger wheel bearings than in the smaller ones you find in something like a Marc Parnes balancer, since the wheel bearings are going to have a little bit of hydraulic drag from the grease that's packed into them. I don't know how much difference that would make; probably not much, but I still think you'd be more accurate with a balancer that doesn't depend on the wheel bearings. Or at least as accurate as you can be with a static balancer. Frankly, I keep telling myself that I'm not going to balance the next tire change at all, and see what happens. I end up wussing out each time because at the end of the process, it just seems like something you're supposed to do. I've read other accounts like Rick's of guys who don't balance them without any ill effects. There have been times though when I balanced a Shinko 705 and ended up using a lot of weight, and it seemed like that much of an imbalance in the tire would have been noticeable.
My Marc Parnes balancer turns on its own bearings when I balance a tire. As long as I got the cones firmly seated in the wheel bearings before I tightened them, the wheel and the axle from the balancer would turn as a unit on the balancer's bearings and not the wheel bearings.
This is the setup I built:
The frame is made out of a 2x4, and it clamps into my ancient Black and Decker Workmate. The Mark Parnes balancer sits on top, and the bearings are held onto the upright 2x4's by some clamps made from angle aluminum. The web strap just keeps the balancer attached to the frame while the unit is in storage. For fifty bucks though you could buy one from Harbor Freight that's self contained, and would no doubt work just fine. You'd probably have half that much into just buying a steel rod or tube and bearings, plus whatever materials you get for a stand.
Amazing deals on this Motorcycle Wheel Balancing Stand at Harbor Freight. Quality tools & low prices.
www.harborfreight.com
If I wanted to be as quick and dirty as could, I'd skip buying a tube to use as a through axle and just balance it using the bike's axle, sitting on top of whatever is high enough to give the wheel enough clearance to rotate.