Passive Preamp Specs

For the volume pot 10k would be fine, if your sources can all drive a 10k load.
With a long cable, use a low capacitance cable like expanded polyethylene.

The balance control could be a mono 10k linear pot with its wiper grounded,
and connected between the volume pot wipers. For a more narrow range of balance adjustment
add a resistor between the balance control and each wiper.

I don't understand the schematic unless you are saying that the center leg of the balance pot should be grounded?

You also show the L/R legs of the volume pot being grounded?
 
Yes, the balance pot wiper is grounded. That's how it works.

This is a standard volume pot connection, just with the linear balance pot added between the outputs.
With single-ended circuits, one end of the volume pot is always grounded, as shown.
 
Just like in the diagram.

Volume pots are normally log types, so the "top" and "bottom" ends are not interchangeable.
Normal pinout: #1 is top (input), #2 is wiper (output), and #3 is bottom (ground).

For a linear pot (like the balance control), the two ends are interchangeable.
Wiper is usually pin #2 (center terminal)
 
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OK. So normally, a volume pot has 3 connections.

Input = Lug 1
Output = Lug 2
Ground = Lug 3

My confusion is which legs of the mono volume balance pot go where?

1 and 3 to the main pots inputs, and 2 to ground?

Balance pot pin #1 to right output, which is the same as the right volume wiper terminal.
Balance pot wiper (pin #2, center terminal) to ground.
Balance pot pin #3 to the left output, which is the same as the left volume wiper terminal.

With terminals #1 and #3 connected in this way, the balance control will reduce the right channel
volume when turning the balance pot to the left (counter-clockwise), as normally expected.
 

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