Alright, so you want a little more pep in your engine and you want to lessen the risk of blowing your engine? Well luckily Toyota made their shitty balance shafts BOLT on so you can bolt them off too
BIG RED DISCLAIMER: This is only a guide, and the opinions expressed are not to be held to Toyota Nation. If you screw something up and blow your engine, or hurt yourself, or kill yourself or your cat, that's your problem. If you don't feel comfortable doing this, DON'T DO IT.
Now. Onto the non-bullshit.
This is a pretty involved task, so don't expect to drive off anytime soon.
Parts needed:
-Oil
-Oil Filter
-Oil Pan Gasket
-RTV
-Exhaust Flage Gasket
Tools needed:
-10 mm, 12 mm, deep 14 mm sockets
-Socket wrench
-Lots of extensions
-Razor blade
Eat your wheaties before you pull this one off. Also, be sure to use jack stands and chock the rear wheels AND pull the hand brake/e-brake waaaay up high. If the car falls down...well, I warned you. You might want to try ramps, unless you drive stick...then good luck.
1) Loosen the exhaust that hangs under the oil pan. There's a hanger right behind the oil pan, and then the three 14 mm deep nuts on the bottom of the header. They're probably rusted, you can figure out how to get them off.
2) Now the exhaust is hanging in your face, pull the oil pan off. Drain it first, please.
Then you'll see something resembling this, hopefully not missing chunks like mine was...

(sorry about the crappy, not from the bottom picture)
And hopefully you don't see this in your pan, if you do, call your tailor immediately because you're about to shit your pants.
4) Now would be a good time for safety goggles. As I said before that's the only pic of the BS (hehe) I have so you'll have to figure the rest out on your own a bit... But it's fairly obvious. Remove the oil strainer. There's 6 12 mm bolts holding the balance shaft on, remove them. When you do, move your face. Shit comes crashing down. And it's 13 pounds and then there will be tons of oil too. Be careful.
5) Admire your pretty crankshaft. Find the oil passages and plug them up, either with RTV or whatever you feel.
I thought I had pictures of it, but I don't... Can't find pictures in the FSM either. Maybe someone else can chime in on this. You should be able to just line up the balance shafts and see where the oil should go to and from, then plug that hole but make sure you're positive it's that hole...
6) Reinstall the oil strainer. It'll be ok since it's missing one bolt. Put a new gasket on the oil pan. RTV that bitch. Install the pan at 17 lbs.
7) Put the exhaust back on the header, tighten, then put the exhaust flex stay back on.
8) Put on your new filter and fill it with fresh oil.
Start it up and see how it goes. Might want to wait a few hours for the RTV to dry, though.
If your oil pressure light comes on, you screwed up BAD. If not, then enjoy your happier engine.