Counterweighting was popular back in the 1970s among stronger golfers who wanted to make their swings less "handsy." People would put a small fishing weight in the butt end of the club when they were regripping. It was just a feel thing, I don't know of any "how to" weight charts from the era.
A few years ago I noticed new interest in counterweighting. Golfsmith did some tests on cw around 2004. Here's a summary of the results from another blog:
http://www.shottalk.com/threads/backweighting.24705/
(Sorry I can't find the original report; I came across it online in past, but can't find it now)
One suggested advantage: a golfer who likes heavier shafts but has lower clubhead speed can get the heavier feel but still use lighter overall shafts.
Some pros like it, others don't.
(Edit = reinsert article link)
Edited by WUTiger - 1/4/13 at 3:01pm