Pete - I like my EBM. I bought it to play banjo in situations where a traditional banjo pickup on an acoustic banjo just wouldn't get the needed volume level on stage without howlin' - a rock or country-rock band typically. It sounds pretty much like a banjo amplified, and I can get it pretty loud if I need to. I typically run mine through a Deluxe Reverb or emulation - I expect a Twin Reverb would sound fine.
On the body balance issue - I haven't noticed the headstock dipping on mine particularly - the body is not real light. My old '62 SG Junior with its extremely light body and heavy, fat neck had a serious balance issue - I had to use a weird padded strap with a lot of friction to keep it reasonable. If my EBM is at all unbalanced, it's small enough so I don't really notice it.
Is it a great acoustic banjo sound? No - don't expect this to sound like a good Mastertone acoustically. The head is small, and the body obviously is quite different from an acoustic banjo. But in a band mix at a fairly high volume, it's the best thing I've found - it's a good working tool in certain situations. I had a Deering Crossfire - interesting sound, but I had trouble getting the signature percussive banjo sound from it. Fine for a different sound, and takes processing well, but it wasn't what I wanted.
Just a note...The most widely read and studied book on learning to play the pedal steel guitar was written by two BANJO players.
Bingo. I estimate that my start on pedal steel would have been much more frustrating if I had not spent some time working on 5-string banjo first.