Nice instructable! One fairly cheap way to get both a convolution reverb, and a deconvolver is to buy Apple's Mainstage3. You can't use the Space Designer in another DAW, but you can use the included Impulse Response Utility to generate swept sine waves, and then deconvolve the resulting audio. Mainstage3 is $29.
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This installer includes the latest version of the Novation USB 1.1 driver for MAC and PC. 3.1 Driver adds support for macOS 10.15, works on macOS 10.13 or later. The latest version of Impulse is 1.0 on Mac Informer. It is a perfect match for Puzzle in the Games category. The app is developed by Taparo. Sysex Librarian: HUI Firmware file: Help centre article including download links: https://support.
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I've used LAConvolver from Lernvall audio. It was compatible with Mac OS 10.6.8, but I don't know if it still works with the latest OS. It's donation-ware.
I noticed with the popped balloon that there would be some unwanted extra sounds associated pre- & post- pop balloon stuff. All manageable, but might require a few takes.
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Also, things like thumping an object with your finger, or recording thunder, all can give fascinating results.