The obvious weakness of cracks and ledges.
P1) Climb diagonal cracks leading up and right, leading to a two bolt belay with chains at a comfortable ledge beneath an off-width crack. The climbing is a little awkward in places, but well protected in the cracks.
Original P2) Straight up the unprotected wide crack/off-width, once it widens enough... get in there, moving right and chimneying up to the top.
Recommended P2 variation) This is a safer option with protection. Move all of your gear to the front of your harness, or better, use a shoulder sling.
Climb up just 2m from the belay (to head height), then squeeze into the wide crack walking sideways, it's about chest-width for a few steps. Shuffle along the dusty floor to the highest point of the chimney floor, the anchors are directly above that point. DO NOT continue along the chimney downhill to the daylight and wider section with crack, that's the P1 belay of "Camino" 5.10.
From the highest point of the chimney floor, squeeze upwards as best you can, quite awkward, very much like canyoneering, there are some ledges slightly to the right, you're aiming for a crack 5m up where the chimney widens to a more comfortable width. You can protect the crack with cams and even pass a couple of stuck/fixed pieces. Exit into the daylight and rappel chains.
The actual highest point of Off-Balanced rock is behind the chimney and requires a serious exposed unprotected move at 5.10+, probably best just to be satisfied being on the main bulk of the rock. Enjoy the views and wave down to the hordes of tourists at Balanced Rock.
Descent: 2 rope rappel reaches the ground, or, 2 x 25m raps via P1 belay.