I tried the demo version, and you can't change the balance slider, though you can change the settings pyro posted, which helps to dumb down the steering but not fix the weird handling model where the car pivots on a point and powerslides at the slightest touch, even at well over 100mph.
I can't speak for the balance setting, does it make the handling more realistic or just more controllable?
The problem with this game for me is that it doesn't do sim very well, but it doesn't do arcade very well either. It's too polished and flashy for a sim, and the handling is obviously miles off, but it's also just too difficult to pick up and play for an arcade racer since the handling is so hard to control.
Perhaps it can be fixed by someone, though the fact that they released the game like this suggests it was pretty intentional, and thus a 'fix' won't be forthcoming from official sources. Glad I tried the demo first I guess.