Thanks for your insight VZ!
I went back to the local shop and gave them another shot at it. To my surprise, the technicians at the shop don't look familiar. The guys who worked on the X3 last Saturday are probably off-duty today.
It was a blessing in disguise. They removed the wheels again and removed all the weights. This time it was Rick who handled the balancing. Prior to removing the existing weights, he first removed the stones trapped between the tread blocks and ran the balancer. All the wheels were "off-balanced"... WTF! Anyway, aside from that, he noticed that 2 of the tires have wobbly surfaces. The "hump" point on the tread surface were located exactly where the rubber joins... (that part where the 2 edges of the tread rubber meet and cured together). The 2 wobbly tires are the ones installed in front too, and combined with off-balanced wheels, that also contributed to the wiggles.
Rick said that no tires are perfect and humps like that are normal and would go away after driving it a little while (to let the rubber wear down to equalize the roundness). He moved the pair of wobbly ones to the rear and balanced all of them carefully. He advised me that the vibrations might still be felt even if the bad tires are on the rear due to suspension vibrations crawling from the rear to the front, esp. for BMW's finely tuned suspensions, however he expected it to be minimal. If vibrations were not going away still, I may have to talk to TireTrends about getting replacements, he said.
After all that, I drove the X3 at various speeds along the 401... up and down from 80-130. It's practically gone. He was right and I do feel very minimal vibrations at 120 due to the rear tires, but hopefully this would heal itself.
On a different topic, I compared the level of "expertise" between the guys who worked on the X3 last Saturday and today. Holy $$$$ batman!... the former guys were inexperienced newbies!!! The guys who worked today were more professional and coordinated. They also handled my alloys gently. The other guys were banging it on the mounting machine... and my poor alloys are now full of scratches. Anyway, it's all history. I'm moving on and will never allow Dave to handle my business at Nuntucket. For the others who wish to visit this shop, just look for Rick, he is the EXPERT around there. Don't settle for anyone else.
Just sharing my experience... so that future posters with this problem may refer to this solution, if applicable.