My knowledge of physics is rather limited, so let me ask those of you who finished high school (;-) if the following is correct:
To achieve higher moment-of-inertia (same as mass?) in the vertical plane, the mass of a counterweight should be located as near as possible to the line described by the arm tube running through the arm’s bearings. In other words, extending left and right of that line in the lateral (horizontal) plane as little as possible, i.e. as close as possible to the arm's bearings laterally. The opposite of that is the Groovetracer counterweight made for Rega arms, which is in the "longhorn" style---extending a couple of inches to the left and right of the rear stub onto which it is installed.
If the above is true, I can envision, say, lead weights being attached to a counterweight above and below the hole running through it for the arm tube’s rear stub, but not to either side of that hole. Correct?