My grandpa explained to me that blueprinting was only important when you have to race in a series where you can only race "stock" engines, and where winners have to go through random technical inspections to ensure that engines aren't modified beyond "stock" specs. Like all production specifications, the blueprints for these engines had tolerances. "Blueprinting" was the process of modifying race engines to the most favorable end each part's tolerances to increase performance as much as possible, while remaining technically "stock." It is hugely expensive, and not worth doing if it is cheaper to simply modify an engine any way you feel like, such as by raising the compression or overboring or changing the cam or reducing exhaust back-pressure.
In contrast, balancing is much cheaper, and makes for a smoother engine.
The phrase "balanced and blueprinted" is just so traditional that folks use it without really intending to communicate what it originally meant. That's like guys who say their engine is "suped up" but there is obviously no supercharger on it... it's just a phrase that means that the engine is more powerful than when it rolled out of the factory.
Scott