If you disassemble the turbine, which means removing the CHRA, then yes, you should rebalance it. Since you'd be replacing bearings, that means removing the CHRA.
IIRC, a full rebuild from GPOPShop costs about $250 for a T-25 or T-28, and it comes back to you brand new. They install a new CHRA, etc. etc.
If you had to jiggle the chra to get it to move freely, chances are that the CHRA came into contact with the housing, and caused damage to either the housing, the CHRA, or both. Your best bet is to do the full rebuild, or buy another used turbine from someone. Personally, I would send it off for re-build, since it will come back to you looking and feeling brand spankin' new.
Sorry I didn't monitor this thread :o
As far as smoking, GT said it above, earlier. Your seals being shot will lead to burning oil. If your seals are good, your bearings can still be bad, and toast your turbine.
Sounds to me like bearing failure, and bits of bearing are lodging the CHRA which is eating it up.
Rebuild FTW.