bboga:
good call on the counterweight/ spring, I didn't think about that, and I will definitely try that out, as for the variable speed algorithm, my "version" of that is to come depending on the reading from the joysticks that I'll have controlling the arm
Another thing to do is to keep as many of the servos/motors as possible close to the base of the arm; doing so means that "lower" servos/motors have less mass to move, meaning more mass which can be lifted (and started/stopped moving).
There's a kickstarter arm (also here on the forums) called the "uFactory uArm"; it's designed as a "pallet moving" type of arm (based on an ABB industrial arm design) - you might look into that to get some ideas on how you can keep the servos close to the base (unfortunately, it is unknown as to the status of the whole kickstarter thing on that arm - no one has heard from the guys behind it in a while now since the KS ended).
Other arms to look at are ones from the 1980s which used stepper motors to actuate the joints - a couple of good ones are the Microbot TeachMover, and the Armdroid; both had their motors on the "base" of the arm (really, the shoulder portion) - the former used mainly timing belts to transfer power from the motors to the joints, while the latter used cords. Plenty of information about both arms are available on the internet, enough to get ideas from.