Thanks for your comments so far, it seems balance is a topic worthy of debate. Any more comments are appreciated.
Balance where?
If you're going to get best tool control you want your support right up near the work so that the tool is limited in its range of motion by something other than your muscle power. Any time you have enough room for the tool to get between the rest and the work you're working against a pop in the chops by the handle, too. This puts the fulcrum of your second-class lever (if you, as Doug, consider it a lever) in close, maybe a 15 or 20 to one ratio. This is great for control, because to make a tiny movement at the business end takes a more overt, perceptibly larger movement at the opposite end. Allows us to use gross muscle or even full body movement rather than try to do it with our fingers. The force you can apply with your hand, even if you're a 90-pound five foot nothin', when magnified by your leverage, far exceeds what you're going to add by making a cosh out of your handle. So why carry the extra weight?
The shot-weighted dead-blow analogy is verbally appealing but scientifically silly. The reason the mallet works is that the shot lags behind the container, sending only the container force to your arm. The main blow is delivered after the tool is in contact. You're not hitting the work, the work hits you when you turn. Now your shot, if it gets organized in the cavity, becomes a second blow to your hand. If it remains disorganized and the amplitude and frequency of the work striking the tool (all of which comes through your hand on a metal handle) is correct, it's possible to get the shot movement out of phase and have it striking a counterblow, neutralizing the impact at the other end. Possible. Probable? Not. Whereas the flex in the structure of that wooden handle will work all the time, as will the flex in your flesh if you don't have a death grip on some heavy tool.
If you stretch the tool out over the rest the extra length of the handle will automatically "add" weight by lengthening the lever, regain your mechanical advantage, and the chatter in the metal will still be dampened by the compressibility and flexibility of the wood. Look at the old bowl-bodgers with the handle of their hook tool under their armpit. That's some mechanical advantage.
Balance is worth a thought, that's for sure.