Larry, quite the contrary. You want the broadhead part pretty heavy to counter balance the rest of the arrow so the majority is behind the pivot point. I used an old piece of laminate material with some lead glued to it but it was for my first arrows. It was a little heavy so I added some lead into the nock end sealed with silicone to counter balance it. You need a little mass weight so it doesn't swing wildly about anyway.
When I drilled it I made the hole big enough to accept a small piece of brass tubing and the nail fits into that with a couple of washers top and bottom. That way it doesn't bind in the weather. The nail is at the balance point now.