Here is what the MDC site has to say regarding possession of game fish: DAILY AND POSSESSION LIMITS
"You may possess no more than the daily limit of any given species while you are on waters, or on the banks of waters, where daily limits for those species apply. Any species taken into actual possession, unless released unharmed immediately after being caught, shall continue to be included in the daily limit of the taker for the day.
Where only catch-and-release fishing is allowed, fish must be returned unharmed immediately to the water after being caught.
The possession limit is twice the statewide daily limit. Fish you take and possess must be kept separate or distinctly identifiable from fish taken by another person. If you are away from your catch, the device holding the fish must be plainly labeled with your full name and address."
So if you catch a white that has no length restriction, you should be able to do what you say. This fish would count as one of your daily limit, and the device holding the fish (your balloon) must be labeled with your full name and address. I had read where someone else stated to do this, and I wondered about the legality. I hope an agent will spot this question and give an answer. I don't really think the balloon would cause any permanent damage, but it would be nice to remove it if possible. Thanks for posting this question crappie curt!