A lawnmower blade spins at approx 3600 RPM. A car tire at 70 mph is approx only 1000 rpm. . . Here is a link explaining why the table top cone does not function properly.
http://www.magna-matic.com/uploads/3/0/5/0/3050105/nail_in_wall.pdf
RPM is only a small part of the story to.
The issue with balance is not so much how fast the part rotates, but how far the imbalance is from the center. Car wheels are not only larger in diameter, but they also have a large amount of rotating mass that is far from the center. They also have thickness that creates vibrations that do not exist in a relatively flat mower blade.
I agree that the nail method is useless. The stepped cone method is fine, IF the steps in the cone align with the hole in the blade's center as well as the bolts.
That is actually a big issue on car tire balance. On some vehicles, the center of rotation is not hub centric (which would be aligned on a balancer's centering cone), but lug centric. So, if your balancer is perfectly aligned with the center of the blade's center hole, but that hole isn't aligned with the center of the shaft (because of how the bolts line up), you won't be balanced.
BTW, your balancer looks like a pretty sweet setup. The way the chuck approaches the blade works in the same way as the cone retracts into a car tire balancer's hub. Yes, a cone without steps has the potential to center better, but only if something holds the cone straight. Just like that. I use a dial indicator to measure runout on my wheels, but that indicator stick is actually a great idea to check for a bent blade. Just turning the blade 180 degrees will only tell you if one side of the blade is bent up or down. If you leave the indicator in place and flip the blade over, you can see it's "dish" too (how much the blade is out of plane)