1. Get the weight as close to the 5 ounce limit as possible. Add the last little bit of weight with lead tape from the golf shop. This can be trimmed with scissors at the last minute. Remember, the official scale may not weigh the same as yours.
2. Everyone has an opinion on where to put the weight. My belief is that the weight needs to be predominantly in the rear so that gravity can act upon the weight further up the incline and for a longer period of time A car with more weight to the rear generally grabs more speed down the slope. Many suggest having the center of gravity at 1 to 11/2 inches in front of the rear wheels. But be careful not to put too much in the rear or you'll pop a wheelie.
3. What kind of weight? I think the melted lead is dangerous and unnecessary. Tubular weights can be sunk in the sides; flat weights, like those sold at hobby & council stores can be attached to the car bottom if it is carved in a bit. Incremental weights ( with pre-marked grooves) are easier to snap off into the size you need. Some folks just use BB's, nuts & bolts, etc., but these must be glued so that they can not move. No movable weights or mercury are allowed.
4. I like the round weights found at the hobby shops and craft stores. This allows us to stick the weights out the back of the car. We paint them and tell everyone that they are jet engines or tail pipes. What they really do is allow us to get the weights as far back as possible.
5. Keep the weight low on the car and in the center (Left/Right of the car). Put the weight just in front or behind the rear wheels for less wheel chatter.