Harmonic dampers use one of several methods to "dampen" torsional
vibrations in much the same way as shock absorbers (dampers to your
old man) dampen the oscillation of the suspension components.
Some, as on the 4AGE, use a layer of rubber and an external inertia ring.
Others use an internal inertia ring sliding in a highly viscous silicone fluid.
Either way, some of the energy of torsional vibrations is dissipated in
overcoming the internal friction of the rubber or fluid.
The effect of removing the harmonic damper/balancer, will range from
none at all up to disasterous. It really depends if a critical frequency
occurs within the operating rpm range of the engine, and how much time
the engine spends at that frequency. For what its worth, I was told that
the crankshafts in the FWD GT hatches raced by TTNZ way back, had a
life expectancy of 20 hours under race conditions.
But for every person who has a tale of woe about the effects of using
lightweight crank pulleys, there is another who has "used them for years
without any problems". You pays your money and takes your pick
Cheers... jondee86