You are so lucky! I wanted to Wicked, but didn't get the chance when it was playing in my area. As for the balcony, I'd say if you can afford better tickets, get better tickets. The balcony is fine, but it's usually high up and/or set back so it's harder to see the actor's faces, etc. If you do end up in the balcony, bring a pair of (small) binoculars so you can see the details of things better.
You should find out if the theatre is really steep because you might miss out on seeing things that happpen in the back of the stage or up high. Also, depending on the height of the balcony you might end up missing any special effects that depend on height above the audience. For example, in the Phantom of the Opera the chandelier rises up from the stage at the start. It's a very cool effect if you're below it, but not so cool from above because you can see all the rigging and wires.