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A balance control is high resistance and is connected to the inputs of an amplifier, not a low resistance connected to the amplifier's output.
Only a high value balance control is high resistance, you can get low value, high wattage, controls for exactly what he's trying to do - however, they are expensive. You can even get them already mounted in boxes with 100V line transformers, or on their own for low impedance systems.
Essentially it's a vocal PA type component.
It's going to be difficult to use as a 'balance' control - simply fit it as a volume control on the speaker that's too loud, as per the diagram in post #4.
If you want to try it as a balance, try '+' in on pin 2 and '+' out on pin 1 to one speaker and pin 3 to the other speaker, join all three '-' together, with no '-' connection to the pot.