Never did that exact deal but that sounds like a bad idea. Want to lift it from the top.
When we were kids we made an A frame of sorts. Cut down a tree or found a long pole. I thank we found a piece of steel. Bolted the other side to the power pole for the house.
Maybe you can get that done but I do not see it working out. What are you going to jack up on? The balancer?
Wish I had the Mopars and bow ties from the days.