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It seems like the delta printer design would really lend itself to small counter-weights on the outside of the belts to offset the cheapskate/arm/effector weight and remove most of the strain off the stepper motors.
Only downside I can think of would be inertia for direction changes.

What do you guys think?

Inertia is a delta's enemy. Counter weights are sometimes used to counter the heavy spindles on CNC milling machines but they are on the relatively slow moving Z axis. Moving to lighter components - especially down at the effector/hotend asrea - would minimize inertia.

Some of the big industrial delta machines I've seen do not use counter weights. I think they try to minimize moving weight all together.

Agreed. It's the quick jerky side to side motion that the counterweight wouldn't really help.

The GT2 belts themselves add a lot of mass (and inertia) to the system. The vertical centerline of that mass lines up pretty well with the Cheapskates. To compensate for inertia, I'd bolt the machine down, switch to fishing line, or both.