One more little safety procedure we used to have at work, many moons ago. When installing a new wheel or even reinstalling a used one that was "known" to be round and balanced; on startup if it is balanced well enough to not require immediate shutdown, stand aside (like next to a remote plug or the breaker) and let it run for one full minute. The reasoning and experience behind this rule was of course that if something was going to come seriously unstuck, it would happen within one minute. If nothing untoward occurred after a minute, it was permissable (with safety glasses, face shield, and full body armor) to dress the wheel and press on with life.
Fortunately have never had a wheel bad enough that a little dressing couldn't smooth it out. But I still do the one minute thing.
(Edit: Ignore this paragraph. Already covered by Hock. Skip to next ppg.)Note when dressing a wheel, not unlike making a fine finish cut, support dresser on the tool rest and motor gently. Too much pressure on an oval wheel will just get you a nicely dressed oval wheel. Very light pressure may result in a nicely dressed round wheel.
Very cool balancing idea from MM for those of us who prefer not to buy it if we can make it. Tiny split shot from the fishing department might work.
Yammer, yammer. Sorry about that.