Next Question - Balancer Time?

Yes to the balancer, and while you have the timing cover off, install a good double roller timing chain.
Do not know how old your engine is, but before you start throwing all kinds of superfluous fixes at it, is it time for an overhaul? The plugs in my '72 318 looked great, but she was hemorrhaging oil. So I bit the bullet, glad that I did, the rod bearings were into the copper.
Just my opinion.