In terms of the lack of weight, what if one was to use a 4kg slab of iron mounted under the gh2, do you think that would allow the counter balance to work properly?
...........................

I know people that are doing precisely that. Yes it works But it's inelegant.

In terms of the lack of weight, what if one was to use a 4kg slab of iron mounted under the gh2, do you think that would allow the counter balance to work properly?

I did some research on the best tripod to use for lightweight GH2, for shooting in a stripped down mode, ie no monitors or tons of accessories attached. As Vitaliy says, issue is camera is too light for find good counterbalance. The Libec line is rated highly in general terms -- and some units compare with Sachtler. It's considered a very good value for the money. I called the Libec rep in USA and discussed the specs of the GH2. Finally arrived at the DV22, that, according to the Libec tech is the best match for GH2. Well I bought it, it's only about $300. But after using it a bit, I think it's nothing special and kind of sucks. Flimsy legs, wobbly head. Mediocre on a good day. As far as I know, only the Vinten Blue is great for GH2 but it's expensive -- over $1000. So I think the best hope for something affordable is what's posted here, a modded Fancier. Hope so.

I hope to get news soon from engineering team about counterbalance and making of special modification of this very good head for HDSLR users. Stay tuned.