H. Balancer vs Crankshaft

[LSUMurse]

So, I went to adjust the timing on the truck and noticed the harmonic balancer wobbles. If your looking down at it to adjust the timing it wobbles back and forth left to right about an 1/8" (closer to and further away from the block). The truck idles OK. It's certainly not the smoothest idling vehicle I have ever been in (hence the timing adjustment) but it's also not the roughest. I asked the PO about it and he said he noticed it and his puller couldn't get it off. He said it didn't seem to be causing any issues, so he left it alone.

Here are my questions:
1) Is the cause more likely the balancer or the crankshaft or will it just be a guess until I pull the balancer and replace it? (It worries me that the crank might be bent or something since he couldn't get it off.)

2) Assuming I can get the balancer off, if it's not obvious the crank is bent or the balancer is twisted, is there any way to tell? (I'm guessing trying to run the engine without the balancer is a bad idea.)

3) If the crank is bent, is it worth it to go through the hassle to replace it or should I just get my hands on a donor 350 and rebuild it? (I currently have a stock 307 which the PO said the heads had recently been rebuilt due to a burnt valve on #4.)