The stock balancer/damper is actually two pieces joined together by what GM refers to a elastomer. It's like a rubber and over time the rubber hardens, cracks and separates. When that happens the outer portion will move independent of the inner portion which is attached to the crank. It's a fairly common problem for them to fail, especially with older/high mileage engines.
Main reason why so many (if not all) racing sanctioning bodies now require an SFI approved damper/balancer is the outer portions have repeatedly failed, sending it flying off onto the track or into the crowd. I don't recall what ET is the cut-off, below which an SFI approved damper is required equipment.
One way most guys find they have a problem is when they check their ignition timing and find the marks no longer align as they had previously. Catch it in time and you'll be good-to-go; if not, your car will probably suffer lots of damage.
Jake
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