I would actually approve signing Balo - if Conte believes he can manage him, although I'm doubtful. Not that Conte is poor but that very few can master the beast of Balo. His raw talent is however enough to not neglect and needs to be considered. One potential issue, that might not be true, is that I behold Vucinic as our best striker and talent-wise Gio second, but the two have so far not really clicked and they don't seem to fit. In the euros Balo showed that he can actually work as a prima punta but I still have a feeling that the movements from Balo and Vuci are perhaps too similar. They offer pretty much the same things and in the long run I would prefer to have a real prima punta that Gio, Vuci or even Balo could set up goals for. Interesting though is the difference between Gio and Balo, Gio is very ineffective in big games while Balo, imo, usually grows in big games but unlike Gio who flourish against smaller teams Balo disappears.
summary: If Conte thinks he can handle Balo and Quagmire, Matri and Bendtner leaves I would OK a signing of Balo. Bendtner still needs to leave but I would preferably sign a real goal getter than Balo.