Balancing a turbo wheel is not something that can be done properly at home. You might call turbocity. They balanced my turbos for $35 each. Possibley, you could send them the wheel and have them sand out the chip and rebalance. Not sure if it is possible but they rebuild and balance turbos so they could give you a good call on it.
97 Laser Red GT-248A Wingless model, Built Lincoln Mark VIII motor-Procharger D1SC, 3 core IC
2012 Black GT-Saddle, 3.73s, Brembos, Shaker1000