Simulating a balance ring with attached weights?

Hello, I'm relatively new to SolidWorks and 3D modeling in general. I am trying to simulate the stresses that a ring with a groove near the outer edge would experience if it were to rotate at a certain rpm (while attached to a shaft) with weights fitted into the groove for balancing. Can I do this using a static study with a centrifugal load on the ring, or is a motion study more appropriate? So far I tried doing a static study by fixing the inner face of the ring that would contact the shaft, applying a centrifugal load about an axis through the center of the ring at 3600 rpm and 1000 rpm^2, and applying a no-penetration contact set between the faces of the ring and weight that are touching. The simulation ran and and I got results, but I don't know how valid or accurate the results are, which is why I'm asking this question. Thanks for any help that can be provided.

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