so i have a set of rims that i bought recently (used) and one of them is chipped pretty bad, now i'm thinking that i can grind down the lip of the rim to make it smooth, and for the chip, maybe apply a little bit of weld to it to make up for the gap it's missing. will the heat from welding affect the balance of the rim in anyway?

they do not have tires on them.

is there a better way to repair the chip?

i forgot to mention that the rims are aluminum

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70 Plymouth Valiant 4dr

adding or removing weight from any wheel will change the balance. i really wouldnt recommend grinding an alloy wheel. i dont know about where you live but locally we have a company called keystone (they are a nation-wide company) that can recondition alloy wheels. im sure there is someone locally that can do it for you. there's another co. called the rim doctor, but i have never used their service. keystone did good by my shop many times so give them a shot if you have one out by you.

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"I don't like these seatbelts, they're too complicated." - my lovely girlfriend in reference to my 71 duster seatbelts