For most of his history Balder has been just another noble supporting warrior of Thor. Supposedly he was more noble than Thor or had a different kind of nobility, but I don't think anything was ever done with this. A few storylines have developed him more by making him a love interest of Karnilla or a failure as a king. The light god angle with accompanying powers I don't think was ever fully realized.
So, what story could be done with him? What could be done with the character? Personally, I wouldn't mind a short story chronicling an untold adventure with Thor and him. It could explore that actual differences in their nobility and on how Balder got the title of "god of light." Maybe a redemption story for his failures? thoughts?
I wonder if anyone will ever do something with Balder's feelings for Sif. Does she even know how he feels about her?