There's nothing I can add about the tone controls that hasn't already been said, but I do have some input on the balance control.
As you know, most resistors and capacitors have around a +/- 20% tolerance from the stated value, and all the tubes in the signal path have their own differences. This will result in the two channels not being identical. In addition, unless your listening room is completely symmetrical in both directions, you will have subtle differences in acoustic response from the left and right sides of your room. The balance control allows you to compensate for this, and keep the stereo image centered.
If you remove the balance control, you may find that the singer's voice (or whatever) is "off to one side" when you listen, and you might find it a bit distracting, and you won't be able to recenter it.
Minor point, I know.