for years I never have taken the blade off but rather give the blade a couple swipes with a 5 inch angle grinder with a grinding wheel ,,, theoretically the balance would be out but not enough to make any noticeable difference I even leave the blade on and flip the mower over on it's side with the carb facing up , I balance 6 foot long aircraft props and have a good milling machine tooDoes anyone use their milling machine to sharpen their lawn mower blades? I'm not thinking so much for the precision but it might be faster and easier to balance them removing the same amount from each side.
Back when my brothers and I were doing it we charged $1.00 to stay competitive with the other shops in the area. On busy Saturdays in the spring, we would sharpen 50 or more blades a day.$10 a pop at my shop. Do it on a bench grinder, anything more complicated is overkill. Probably just fine to do it on the mower with an angle grinder too. Never bothered to balance one but you'll know pretty quick if it's off. They're cheap enough to replace, once they've hit a decent size rock that's what I'd do anyway....
John