Luke: Your recipe is somewhat similar to how I make mustache wax. I use a some different oils, But the ratio of wax to oil is similar. I think if you subtract a little wax it would be more of a balm. Not really sure on that though. I have never made balm, but I have used it. You could always re-melt and add more butter or oil and see how it turns out. And, i'm sure someone with a little more balm knowledge can chime in