No, it couldn't be, because our bad deeds are gone when we repent: "As far as the East is from the West, so far does He remove our transgressions from us." And our good works aren't really "ours" in the ownership sense, but were "prepared for us in advance, that we should walk in them."
In the end, it comes down to whether our soul is alive or dead ... whether God's life, "sanctifying grace," is in us, or not. The parable of the Prodigal Son (Luke 15) is illustrative. The father says, "This my son was lost, but now he is found; he was dead, but now he is alive. How? Through repentance, and the mercy of the Father.
It was an analogy, not meant to perfectly describe the condition we are under in regards to salvation.
Are you a parent? How do you judge whether you kid is good? Do you expect perfection? Neither does God, and we are God's children (adopted) as a result of Baptism. We are under a different system - the system of Grace, not the Law. Under the Law, men try to earn their way to heaven by attempting to perfectly fulfill the law. Under the system of Grace, God views us as children. If we please Him with faith and good deeds, He will judge us as righteous (which is not from ourselves but relies on our cooperation with His grace).
The balance scale refers to the legal idea, the system of Law. We don't list our child's faults and make a legal decision on whether they are "good" or not. God uses different guidelines. Do we have faith in Him? Do we have childlike trust in Him? Do we obey His commandments out of love for Him (rather than trying to earn)? Do we try to please God? We CAN know generally our direction - but we must persevere.
Brother in Christ