Yes, wheel balancing is crucial on these cars. I'd heed Russ' suggestion of checking out the suspension components, bushings etc. which tend to also vibrate the car if worn.
Also, most if not all, overlook the tires. If they're cheapies, chances are they are contributing a lot to the wobble if they have improperly placed steel cords in their carcass, invisible bulges, tire scrub which may indicate internal damage, etc.. Solutions are a more expensive Road Force balance (where the wheel is balanced with simulated weight/driving conditions) or new tires. Don't forget tires are essentially big rubber, inaccurate balloons.
Jordan & Sarah (_mr2_, PearlwhiteMR2) do auto repairs, they are located in Langley.