Your post is not clear.
the round piece at the front of your driveshaft is on the d shaft itself, or you are just using the d-shaft as a reference.
I aks because there is a counterweight mounted to the transfer case, which is near the driveshaft output yoke.
If you are talking about the 5-6" dia metal donut mounted to your trasfer casem then yes it is a "coutnerweight" or better yet a vibration damper. You will also see one on your rear axle, pass side.
These are Ford installed dampers to help fight driveline vibrations. You can drive the truck with or without them, however if you feel a vibration with the donut not installed, put it back
I have not had mine moutned in 5+ years and have 0 vibratins, but then I also have my driveshafts balanced.
What Rick is talking about is a peice of metal welded to the driveshaft, this is a balancing weight just like you would see on your tires.
If this sucker is missing, then indeed have your driveshaft balanced. An out of balance driveshaft will do all those things Rick described = not good.
Please be a little more clear in your post, around here we call this, Help us help you
oh and Welcome!