I wiped him on my first attempt, with no deaths. It was actually simple. I had a fighter with frostbrand. It was enhanced with frost burst and holy. Before the battle, I had a sorcerer cast protection from evil on everyone. This negates the Balor's fear. Fighter activated boots of speed. Sorcerer cast improved invisibility on fighter. Fighter chopped him up. I had another fighter that is an archer specialist. He has a +3 frost, frost burst, holy composite long bow. He was pelting him the whole time. And I had another secondary fighter with a +3 frost, frost burst, holy Great Axe. Cleric kept cast dismissal on the summoned Hezrou. Secondary casters cast ice storm, and magic missile to finish the other minions off. My main fighter was hardly scratched at the end of the battle. I honestly think I could have taken out 2 or 3 of them at the same time.
Just so you know for next tiem,the Icy and Iceyburst effects don't stack, they overlap. Icey Burst works just like Icey and has a bigger damage dice on a critical hit. And yes, that is a pretty comprehensive way to prepare for the balor fight, I like to craft a wand of Cone of Cold just to give my wizard something to do in that fight, and normally take a dual weilding rogue to flank it if I can.