I've thought about this a fair bit, and I personally think the balloon damage and health are in a very good spot. What I would like to see is a buff to drogue chute. As it stands drogue chute only lasts 2s after deactivation/leaving helm, and the resistance it provides against falling could be a bit better. Because the balloon is near the pilot on the most poppable ships (Junker and Galleon), something like say 6s after deactivation and 30%ish more vertical drag than it already provides could be enough for superior firepower to gain an advantage against blenders, without simply making blenders completely worthless.
There is also some utility for goldfish, spire and mobula. Goldfish has somewhat accessible hull and balloon, Spire has accessible hull and guns, and mobula falling slower would always help.
TL;DR: Buff drogue chute so captains can use their repair power while also having the benefits of drogue chute.