balancing is the process of weighing and shaving weight from heavier parts to ensure they're all the same weight... That or making sure that differences are balanced. It adds to the longevity of the engine and is done to almost any "serious" build.
Blueprinting would be documenting the actual tolerance encountered as you assemble the engine to ensure they're all w/in spec.
Those prices all seem reasonable.
What are your goals for the build? You already are turbo right?
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