Blue printing is just as silviaboy said. when an engine is casted some of the original design is lost. a blue printed engine will have all the little imperfections polished out. this will allow the oil to flow better ect ect...
a balanced engine is good for any high power application. it becomes more and more important as RPMs increase.
I think (not sure) that a perfectly ballanced engine would not need a harmonic ballancer. but then again the harmonic balacer is made to cancel out the frequency caused by a crankshaft. So I dont know
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