I suspect that most organisms can tolerate a fairly wide range of nutrients in the absence of competitors or other pests that might use those nutrients. At some point, nitrate and phosphate might cause significant issues, but it's hard to know where those points are, and it will depend on what organisms are in the tank. In practice, our tanks probably do better on average with nutrients in reasonable control, for some value of "reasonable control" that is hard to quantify.
Personally, I'd target phosphate down near our measurable limit (0.03 ppm phosphate, or so) and nitrate below 1 ppm. What any given tank can tolerate or what that tank's optimal level might be is going to be hard to determine without a lot of difficult experimentation.
Generally, I wouldn't worry about balance much, since I doubt that most organisms will care. Certain levels of nutrients (like silicate) can encourage various organisms to grow, though, so I'd watch for signs of trouble and respond appropriately.