If there's still a bit of audio in the opposite output from the way the balance control is turned, but the down is able to be attenuated, you'll need to check the resistance of the wiper across its travels in both directions.
I'd first, however, give all the mechanical controls a good DeOxit cleaning first. I will assume the problem is found on all inputs including the Tape In selector?
Frankly, I'd not depend a lot on the balance control. They are, of course, No Longer Available even if there's a problem. Likewise, I'd suggest you not use the Power switch. Instead, leave it in the Off position and solder a shorting wire across the power terminals to ensure that no AC current passes through the switch terminals. This will ensure that it doesn't start arcing and burn up the Balance/Power control.
Lastly, you didn't indicate what remedial work has been done to the MX-110. Any leakage on the coupling caps leading into the Balance control _could_ contribute to the problem.
Cheers,
David