I just removed the balancer from a '68 430. There were three bolts around the center bolt holding the bottom pulley on. The bolt holding the balancer on was removed by turning it counter-clockwise. The balancer was held in place by a bar wedged between it and the water pump. The balancer was pulled off with a special tool I rented from the auto parts store. I do not imagine it to be too much different on the '50 263. Good luck.
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