I personally would balance it. its only gunna help longevity if you think about it. i know you have seen others do without it but if you put LB7 pistons in it (not saying you are, just an IF), a different crank and so on, you have stepped quite a ways away from what factory had given you.
I built my short block pretty cheap, more than most here probably have but i wouldnt go any cheaper other than loosing the main studs i put in. i only put them in cause i got a good deal on them. Guy did a line hone on the mains due to the ARP main studs i was putting in, torque plate honed my cylinders, magged the crank, put all new freeze plugs in, decked the block, cut my pistons, checked my heads, balanced my rotating assembly, and im sure a few other things im forgetting (im not fully awake yet lol). I was going for a reliable 700hp motor but i honetly dont even care to run that much power now. the 500hp+ tune i have now is plenty of fun for me. To me, everything i did i felt was essential for the power i wanted and so far its been running perfect! even if i was only goin for 500hp, i wouldnt go no less than i did other than main studs. keeping that assembly spining freely and with the least amount of harmonics as possible is only gunna help things last.