I don't have a 4.7L but I'll try to answer your question.
BEFORE tear down make sure the #1 cylinder is on TDC on COMPRESSION stroke.
The hermonic balancer is located on the crank of the motor not on the top side. I don't think you need to take it off to get the timing chain covers off but you might. If this happens then you need a gear puller and undo the torque on the bolt in the center before anything to help hold the balancer while your cranking on it.
You need new head bolts and if you have more than 100K on the motor you might want to think about installing new timing gears and chains set. Note the markings on the set as you need to ensure that everything is lined up (as for the TDC talked about earlyer in this post ^ ) before you disassemble your chains and gears. During install you will put them back in the correct order. If the timing marks are not lined then you were on exhaust stroke and you need to turn the motor to TDC compression stroke to ensure the timing marks are lined up BEFORE dissassembleing the top end.
You can have the heads R&R'ed then reinstall but this would be the time to get a little porting done on the heads. Port & polish them if you can.
Make sure you get REALLY good head gaskets for install like Mopar Performance (from the dealer) or Fel-pro PermaTorque.
As with anything, if you don't know how to do it then leave it to the mechanics.
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