Yes, definitely. I tend to shove my heavier counterweights up my shaft to reduce flex and move that inertial mass in closer too. This is an argument - bumping it is not.
The design of what I have here is geared around what you're saying anyway. The holes go to both ends... Once I have a known weight that I'll expect to work with, I'll attach an appropriate weight at the other end of a shorter bar, yes. That's why i went the whole length with the drilled/tapped holes. Adjustability.
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