Yes, you can get a good shed on a counterbalance loom. It is just a matter of balance. The main thing to remember, is if the loom tie-ups are not centered, then weight of the shafts are not balanced, and you will not be able to get an even shed.
You can even weave 3/1 patterns successfully. Your shed will be a bit smaller, but wide enough for a shuttle to pass through.
How to tie on to a sectional warp beam,a series of features showing how to warp a loom
Wind the warp, part of a 10 Step series of articles on warping your loom
If you are a beginner weaver, you may have already purchased a book or two on learning to weave. Someone may have given you a small table loom, or perhaps you have jumped right in and purchased a larger floor loom. You have some lovely yarns and an image of what type of projects you would like to make.
Handweaving Reed Conversion Chart
Table of Recommended Setts for Weaving: cotton, linen, silk yarns
Your guide to all fiber arts