I've not stayed at the Swan, but have stayed at the Dolphin numerous times. With the exception of suites, all rooms at the Swan are the same - the only difference being view, balcony/no balcony and concierge/no concierge.
In order, basic rooms have non-preferred views, better rooms have good views, "deluxe" rooms you describe have balconies and generally all have good views as well - including some with Epcot views, and concierge (club level) rooms have varying views, access to club lounge, but NO balconies to my knowledge.
Personally, I wouldn't use points to upgrade to a balcony room. If you are an SPG member (which obviously you are) chances are extremely good that you can get a complimentary upgrade at check-in if you ask. At the Dolphin, we have always been upgraded to balcony rooms at no charge.
Using points for an upgrade to club level may be worth it, as complimentary upgrades are not usually offered (except to Platinum SPG members) AND you get the benefit of free breakfast/snacks every day, which is real money. However, I would warn you that club level at the Swan/Dolphin is not nearly as extensive as at "real" Disney deluxe resorts. Only breakfast and hors devours (no afternoon snack, no evening cordials, no complimentary bar). Also, no real concierge-type services, such as pre-trip planning, etc.
