I think it depends on the game you are playing and the types of opponents you are up against. Generally, you have to mix it up a bit or your play becom,es predictable and simple adjustments by your opponents will degrade your earning potential.
It also depends on what point in the game you are. Early on in a large freeroll for example, you need to play very tight and put bluffs back in the toolbox as you cannot
bluff a call station...and these tourneys are FULL of call stations/any two cards/any ace type hands.
But even these types of tourneys will have a different profile in early, mid, bubble/late game.
The big thing here is that you don't just follow a set formula but you adjust according to the game you're playing and the table you're on. I ALWAYS keep notes on what people are playing from where, what the SPR is, and leverage HUD stats such as VPIP, PFR, 3B, CB, FCB. I'll be more likely to widen my range a bit when opening a pot from later positions, particularly with only Nits left to act (e.g. <20 VPIP).
But it will also depend on how many hands I've been playing. If I've played a lot of hands, then dropping a marginal hand in there is more likely to get called. However, If I've folded 10 hands in a row and folks think I'm TAG or Nit, it's an ideal time to open up with a wider range.
I don't really like multi-way pots and will avoid them if possible, but with a large effective stack size, suited connectors (or even one/two gappers) may be worth a punt from time to time. When the effective stack size is small, there is no point playing a wider range. Straights and flushes often need to be chased. You only want to do this when you can get paid off for the monsters you manage to catch. If effective stack is small, you get all of the risk for little reward.
I also like to adjust based on what my table image is. Some days, I'll be tighter than a drum...and discover people folding whenever I get involved. The answer? Play more hands, widen range, add in some bluffs. If you're never getting caught out when you bluff, you're probably not bluffing enough.
Other days, I'll establish a LAG reputation at the table, then tighten up and then play strong starting hands very aggressively.
If I've been tight-tight-tight, not getting called, I'll throw a couple marginals in and then show when everyone folds.
Basically show a crap hand if you're really only playing strong starting hands...or show a strong hand when playing wide.
I only show if I think that maybe my reputation/table image is not how I want to come across, given my tactics for that game and stage.
So all in all, balance to me, means that I need to adjust my play in order to control table image and behaviours and increase EV. It necessarily needs to take opponent behaviour into account, exploiting opponent weaknesses.
Cheers,
JT