Hi Lonewolf (hope you don't mind the shortened moniker),
When considering whether to use two volume controls or one volume control and one balance control, several things, not necessarily in order of importance, come to mind.
1) The number of resistive elements in each channel's signal path increases by one, and of course the number of solder connections increase.
2) The internal capacitance of each control (to ground) is fairly large. By having a balance control, we create another RC lowpass filter, the HF response varies with the settings of both controls.
3) Over a period of time, each channel of a single dual volume control loses its "match" with the other channel, thus the balance control needs adjusting every time the volume is changed, so no advantage over dual controls at this point.
Hope this answers your question Lonewolf.
Thanks.