The pickup arm works as a leverExactly. And the further mass is added away from the fulcrum the more destabilizing the effect. Resonance (the original topic of this post) is increased. A pivoted tonearm is not just a lever, it's a mechanical amplifier.
I'm not saying that adding mass to the headshell does not have benefit. But there are also detrimental effects. From the perspective of decreasing resonance and other artifacts the best of all worlds is to increase total mass uniformly and proportionally across the entire length tonearm and headshell. Barring that, adding weight to the tonearm closest to the fulcrum will have the most damping effect and reduce resonance frequency change.