Balsa wood used to be more commonly encountered in hobby shops than it is now, which probably accounts for why older MR and RMC articles mention it alot.
It used to be dirt cheap too. And paper printed to look like brick or stone was also common back then, with balsa as a good cheap support for it. Some modelers achieved magnificent results with brick paper back then. Check mid 1950s MRs if you don't believe me.
Basswood, if coated with sanding sealer and carefully rubbed with steel wool (and followed by more coats of sanding sealer) can do a pretty decent job of simulating steel. Balsa has a deeper grain.
If you have ever used a burning tool or burning pen, some very interesting effects are possible with balsa wood because it almost "melts" away. You can create a stone-like effect rather easily for example (a small soldering iron can achieve similar results but gets hotter). Also the heat tends to seal and close the wood grain of balsa. But the wood burning smell will permeate the house so alert your co-residents before you try this.
Dave Nelson