Will it work? Probably.
Balance? It should distribute itself evenly, eventually.
Would I use it? Not likely. That stuff is messy. Consider that tube toast once you remove it. If slime leaks out of the hole in the tube it'll get into the tire. Did I mention it's messy, nasty stuff? New tubes are cheap enough, and it's a simple enough job to replace. I spoon new tires on for the track and swap back to my street tires every outing with nothing more than two tire spoons, a cut up 2 liter soda bottle, my ramp, and some 2x4 blocks.