It may sound like sacrilege, but I have had excellent results with a hand held 4" grinder - one of the $20 jobs. Put the blade in a vise and have at it. Grind only the one side of the blade to maintain strength, just as when it was new. Don't overdo it and don't try to get fancy; the first time you use it the thing is going to hit a stone anyway.
Balancing a blade is simpler than you might think - bang a nail into a garage stud and hang the blade from the center hole. If it consistently tips with one end down, that end is heavy and a little more needs to come off.
You can continue using a blade long after grinding the cutting edges down; all you need is enough meat to keep the blade intact. What you have to watch for will be blade fractures. The moment you see one of those, remove the blade and don't use it again.