WillHam, first off, the action will change, sometimes dramatically. Your master of balsa probably has a specific gravity of 0.12 if you bought it from a hobby outlet, or it could be as much as 0.2 for the heavier balsas (water has a specifig gravity of 1.00). The best you are going to achieve with resin is 0.65. This is with feather lite resin, or regular resin with silicon microspheres.
This large difference in density changes everything. Basically, you start from scratch, to determine the amount of ballast required and where to install it. Also the weight of the lure is more evenly distributed, whereas the weight in the balsa lure was concentrated around the ballast location, therefore the balsa lure could waggle much easier than the heavier lure, so you should expect to have a less pronounced action.
Depressing, I know, I've been there.
As for molds, a general rule of thumb is 'hard master, soft mold'. So you really need to be looking at RTV rubber for your mold material (Room Temperature Vulcanization). It is fairly easy to work with, but a little pricey. Do a search and read up on RTV and 2pc molds.
Smooth-on sell both RTV and the resins, here is a link. Feather Lite