Assuming you combine them in equal amounts by weight, you'd get the average: 2.5-5.5-5.5 (note that the average of 5 and 0 is 2.5, not 5).

The term balanced fertilizer has to do with synthetic fertilizer, not organics. The term is only relative to the needs of the individual plant and does not apply to the ratios of one ingredient to the other. If you have a 10-10-10 fertilizer but your soil and plants only need 4-1-3, you are wasting ingredients. The proper balance would be 4-1-3. Next season it might be different.

Balanced fertilizers were a boon to farmers way back when because they no longer had to mix their own blends.

The concept of balanced is much less important in organic fertilizers because most organic fertilizers have all 16 of the nutrients plants need. Whether they are in balance is usually not an issue because what you are providing is an abundance of microbe food. Then it is the microbes that create fertilizer in the proper form for the plants to take it in. Anything that might be left over is converted into longer term storage by the microbes.

Thank you both for your help. I am new to this list and and enjoying all the postings. Can't wait for spring to come and see some grass again!

All that the term "balanced fertilizer" means is that the fertilzier has all three components, NPK. The ratio has nothing to do with whether that fertilizer is balanced or not. Since plants need a much wider range of nutrients than just NPK stating that a fertilizer is balanced when all it contains is that NPK is misleading at best.
To determine what nutrients your soil might need requires a good, reliable soil test, although adding organic matter is almost always a good idea.