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Now comes the magic, when u have the light shining through looking good. we go to the premium render settings and we turn all premium effects off, except blurry reflections. Change rpp to a low setting for test renders 4rpp-16rpp will do just fine.
Blurry reflections can blur out whatever shines through the transparent surface! thus making it look translucent. It's a powerfull method to simulate translucent surfaces! To control how much the amount of blur, sue the specular halo color in the texture of the balloon.

Wow, you put a lot of thought into this, and I really appreciate it.  But did you actually mean "blurry reflections", or is it possible that you intended to recommend use of "blurry transmissions" instead?  Because I'm getting just about exactly what you describe with only "blurry transmissions" checked (especially changing the translucency with the specular color ... I never would have known that), whereas the behavior of "blurry reflections" doesn't seem to be matching what you've described.