At a top RPM of 4,000, you won't need to do a precision balance job. Yes, rods need a special hanger fixture to weigh big and small ends individually, with ball bearings at both ends to allow the scale to respond correctly. I match weights on all the moving parts to 1/10 gram, but we wind the race engines up to over 7,000 RPM routinely. For piston matching, weigh all the components together, piston, wrist pin, rings, etc, and keep the parts together after matching the weight to the lightest assembly. They should be very close from the factory, within a couple of grams of each other. That's sufficient for street use, unless you just want to get the weights exact.
Most machine shops will weight-match parts before doing the spin balance on the crankshaft, unless you're trying to save labor costs by doing some of the work yourself. A crankshaft is balanced by bolting a "bob weight" to each rod journal, using the weight of the pistons, rods, rings, etc, to compute the weight of the "bob". Then the crank is spun, and weight is added or removed at the counterweights to dampen out any vibrations. To do it properly, the parts must be weight-matched first. Good luck!
Edit: If new lifters are available, don't try to resurface the old ones. A new cam needs new lifters to go with it.
Jerry
