I've been looking for people talking about balance issues and it seems few and far between the amount of praise. I did not read anything glaring in those instances that turned me away from getting this mod. In any case, you could always just use this mod sparingly instead of exploiting it's maximum combat potential. I also read a few other posts of people feeling similarly to you, but ended up coming back just to praise it. All in all, the majority of users seem to be happy with this mod.

I've just installed this for my first playthrough at Tactician difficulty and I'd say it will definitely make it an easier experience. I haven't gotten to item upgrading/enchanting but the Immunity enhancements seem totally overpowered. Already the scrapping has made my life much easier. It is fun to increase the difficulty and install this mod for a different but still challenging experience.

For knockdown immunity all you need is a pearl and a gold bar, which I already have at level 4! And the altar to craft that? A rock and a skull. This definitely needs some balancing or atleast some restraint from the player not to cheese it.