Yes, remove the bolt, and DO NOT attempt to pull the balancer on with the bolt! You'll strip the new threads. There are balancer installation tools available for rent at most auto parts stores, or the balancer hub can be heated with a Propane torch until a drop of water sizzles when dropped onto the hub, then drive it on with a BFH and a block of hardwood. Then install the center bolt and washer with a couple of drops of blue Loctite and torque it to about 50 ft/lbs.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!