yes nicky, if they were not properly balanced then the rods would overpower the counterweights, or vice versa, and you would be "flying by the seat of your pants". More intense problems on the N&W K3 4-8-2 limited it to 35mph. Anything you hear about mallets being limited in speed was more likely due to boiler capacity than bad running gear.
As for benefits of 4-8-4 over 2-8-4, recall that the GN (or NP, I forget which) O8 2-8-2 exceeded severl Berk's tractive effert, the N&W J 4-8-4 as well, with UP FEF being on par with most. Boiler horsepower was generally higher for a Northern.
So there is no real difference btwn the two except for ride quality, so if you look at performance, Northerns win, but as for how a lok feels at the head of train, well, that's kind of subjective.