Harmonic Balancer
[youtube]RoRTJCgIUWo[/youtube]
That being said I spun mine on my C5 and galled up the crank snout, when I put in the new one I pinned the crank, and it wobbled a bit albeit not as much as yours. Haven't had any problems but probably only had about 1,000 miles since then.
Obviously replace it and check the run out, if the new one is still messed up then your snout of the crank is probably messed up too. Not what you want to hear but that is doing it correctly.
If I was in your position I would pin the new balancer and use the ARP bolt and if it is still messed up I'd just run it as is. It will wear everything out quicker





