I used OTC 6667 puller, worked great. Grabs center hub of balancer, the way it is supposed to be done.
To install you just need M16x160 threaded rod, nut and two large washers, I bought 14027T "tool" which consists of these.
There are workarounds, but you risk stripping the crank threads with them, and I wouldn't do it.
I believe you are referring to using the old bolt to install. As you say, don't do it, it doesn't engage enough threads. The rod can be threaded all the way in.