Where to begin? I learned about this debate the hard way. I have a 97 T100 2WD nice truck so I bought nice tires, but when I left the shop it was shaking pretty bad. Went back and the tech say, oh that machine must be bad we'll rebalance over here.... Me and this tire shop got to be close because they provided 3 new sets of tires, finally they washed their hands of it and said they could do no more. I found a shop that took on the problem, the matched balanced my wheels and tires and it got better but still shook at some speeds, then I learned about this Hunter 9700 Load force machine took it to the dealer, twice and it still shook.
One day kicking around the web I heard the lug centric theroy. Even found out Toyota has a Service Bulletin out on this subject, SU 002 96 which talks about using an adapter for truck wheels with 4 inch or larger center holes. My dealer has the SB but not the adapter.
Bottom line, I found a shop who had the Hunter Load force machine and the adapter, problem solved, no more shake.
Why did it work? Why are the lug hole centric and not hub centeric? I don't have a clue, but I know it makes a difference in balancing my trucks stock alloy rims and tires.
Al