Reese,
1. Before trying the Ph Balance, I would 1st get Ph set as close to 7.2 as possible, then adjust Alk. I have played with leaving Alk everywhere between 50-150 but regardless where my Alk came out, my Ph would continue to rise until it leveled off around 8.2. So to answer your question, yes, I would drop Ph (using Spa Down) and then raise Alk with Alk increaser.
2. I allow my Ph to stabilize between 7-7.2, Alk between 80-120 and Hardness at 150 for 24 hours and then dump the bottle of Ph Balance in the tub.
Jr