When we'd balance with a bubble, after placing the wheel on the balancer and levering it up, then finding the heavy spot put it at 6 o'clock. We always placed 4 weights on the face of the wheel at the rim, 2 at 2 o'clock and 2 at 10 o'clock. Then drop the wheel, and put a chalk line across the tread at 10 & 2. Hammer a weight on at 10 and 2, then flip the wheel and hammer the weights on the back from the marks. Be sure and put the wheel back on the balancer and check your work.
By using four weights you use less total weight, there is less chance of losing a small weight, and if you do lose one you still have decent balance until it's corrected. I still think it's the best way to balance wheels on these old Ford wheels. theBoB