I cna not speak for the Swan - but her sister, the Dolphin will let you have club level privs and keep your balcony room.....which is the best of all worlds.
You book Balcony room - and they will upgrade you if you have done your homework and joined starwood and then got your Starwood American Express card and got upgraded to gold status with Starwood since you have that gold card - something some people sail through and some people have to call more than once in order to find someone who will do it for you - (like me, I called once and no luck...but the second call, they did it!!!) anyway - if you are gold they will upgrade you (ok, there are some naysayers out there that say you can't count on this, but ok, they DO take special note of Gold status and likely give better views and upgrades) AAAAANYWAY....in my situation I booked my balcony room and they upgraded me to club level - which I didn't want. I wanted the better room with the balcony and club privileges (turndown service and most importantly, that free breakfast and hordevours in the evening)...which was done with no problem. They just stamp CL (club level) on your room card and everything is fine.
I say, book balcony at the Dolphin (my room was 8029 - perfect view every night of illuminations and boardwalk- can't tell you how much I LOVE THIS VIEW and air and sunshine...and free food)
CALL TO MAKE SURE THEY DON"T "upgrade" you to club level and you lose your balcony - beg for 8029 and then get those club level privs and you'll be all set.
But first you have to do your homework on that Gold status....
If you don't manage all that - I still say just pay for your own food and enjoy the balcony....