Biknut,
In answer to your question "what does a 60% balance factor mean?", a 60% balance factor refers to taking 60% of the reciprocating weight (piston, rings, pin, keepers, and the small end of the rod) and adding this to the rotating weight (large end of rod) to come up with a bob-weight to affix to the crank pin. With the bob-weight in place on the crank pin, the crank assembly should balance statically when the crank journals are supported on knife edges or bearings.
A bare crank without piston or rod in place should always orient with the crank pin up and counterweights down. With the rod and piston (pin, rings, keepers, etc) in place the crank should always orient with the crankpin down and the counterweights up. Only when some fraction of the reciprocating weight (usually 50-60%) is attached to the crankpin will it balance statically.
Below is a link to an instruction sheet for balancing a hog crank where they are balancing each half individually. You should be able to follow along through the example.
http://www.rbracing-rsr.com/downloads/sscycle.pdf