RE: How do I balance this thing?
.......well, you could if the wing is beefed up enough. I folded one wing that had balsa spars and almost folded another one after that until I added enough wood. The wing that folded gave no warning, it just exploded straight overhead. Those wings worked very well with 5 oz C/L combat planes, but needed full depth balsa spar out to mid span. From mid span to the tips, full depth spars aren't needed. I think 3/16"x 3/16" spruce spars top and bottom would work, or just a single 3/16" FG tube spar inbedded.
A good prop for a plane this small is the 6.5x5.5...you'll see impressive speed if the plane is left clean and simple.