idk about balance but at lvl80 there's an awesome boot for storm and life which is way better than waterworks boots ( only the boots though, the gear is irreplaceable, for me i guess) i forgot the name for storm it is rain boots or something but the problem is that it can only be bought from crown shop
There are a lot of great craftable boots. You could craft the wintertusk boots (level 56+) which gives almost the same stats as waterworks, except for a bit less resistance. The craftable boots from Zafaria (level 66+) and from Avalon (level 76+) are also great. They give less damage, but a lot more critical block.