Careful with that if you don't know what you are doing.
Remember that the final balancing on a wood prop is done with the varnish. I'd recommend sending it out to a professional. The shop I work at sends out every prop that needs work.
Guy Watson operates a prop shop out of the Wings of History Museum in San Martin C.A. http://www.wingsofhistory.org
Guy has been hand making wood props for along time. He started out working for the late Ole Fahlin. He also flew P-38s in the Pacific.
Guy always wanted to teach me how to make props but at 15 I was more interested in chasing girls and getting into trouble. I still kick myself.
I'd at least give a call, and seriously consider sending it to him. What you get back will be a safe prop.