There is nothing new in adding counterweights to machine tools to ease movement. Drill presses without a rack and pinion lift mechanism are prime targets in need of assistance.
It would seem like a simple enough job to do, which it often is but there is a little science attached if you want the best results. The tendency of the table to jam on the column is the main cause of problems with and without a counterweight assistance. Another issue with adding a counterweight is that if it helps with lifting the table then it will likely increase the difficulty of lowering the table.
I have prepared a 7 minute video showing the problems and a solution which make table movement so much easier and faster than winding the handle on rack and pinion system. I will add a second video later going into detail of the physics involved.
Here is the link
Here are some sample pix.
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