Finally got around to using the Dynavibe today, I found the results very impressive. Started with a vibration factor of .78 IPS (inches per second) and managed to reduce it to .07 with the weights in the picture. The effect was readily apparent throughout the RPM range definitely worth the effort. The initial bracket was set up for both the accelerometer and the optical pick up however the OP needs to be 6 inches back and not pointed at a shiny surface. The process was fairly straight forward and took less than an hour once set up. As others have mentioned balancing your prop really does take the engine to a new level of smoothness.
At some point I will paint the back of the spinner plate black so as to leave the reflective tape in a place where I won't normally see it, will also probably move the weights inboard bolted to the plate.