You don't install it any special way. I would first look at the new one and ensure all the weights are still on it and no spot welds are there without the weight. With that said it should be very close if not balanced. Now if there is a weight missing you need to have it balanced or get a different one from the junk yard.

Now if you are using an old drive line then at least install new U-joints and just bolt it in and torque the bolts. Take it for a drive and after a few days get back under it and re-torque the bolts (trust me!).

If the new drive line is out of balance you will feel a hum that is more noticeable when you let off the gas and usually varies with speed.

 

Thanks for the help. I'm getting a little bit closer to getting this damn thing in good working order.

 

Well, I got the front shaft off last week and the cv joint on the transfer case side is shot. I took it off and my rig rolls real quiet now. No more key jangling noise. The front shaft was a chore to get off. I would suggest a second set of hands if anybody else plans on taking one off. Those bolts were alot tighter than what the specs call for. For future reference, the bolts on the t-case end are 10mm and the differential side was 15mm. That was what they were for an 02.