Yes, the reasoning is easy to follow but I think it's a grave mistake to create a custom version of Norse mythology that ignores BOTH the source(s) AND academic opinion. In the end, all we'll get is an indefensible muddle. (I wish there were a way to say this that sounds less harsh.)
Snorri explicitly says Balder and Baeldaeg were the same person. To our modern ears it is easy to believe that he made a mistake. He just confused two similar names. Truly, it seems that Baeldaeg should be re-assigned to the group of Odin's dynastic son rather than his god sons.
Except -- the majority opinion of scholars is that the names are indeed the same, although the experts disagree about possible etymology. As far as anyone can tell, Baldr is the Norse variant and Baeldaeg is the Continental Saxon and Anglo Saxon equivalent.
In the form floating around academic circles for the last 100 years the general landscape of discussion is that Baldr ("Shining") might have been the personification of light in (north) Germanic mythology. He had a brother Hödr ("Discord"), the personification of darkness. They both fell in love with Nanna ("Woman"), etc
All of this is consistent with Baldr having a son Brand or Brond ("Fire Brand"). This Brond might have been the eponymous ancestor of the Brondingas, mentioned in Beowulf, who seem to lived off the coat of Sweden. And it's possible the name Baeldaeg (Baldag, Beldeg) is a longer form of Baldr -- Baldr-daegr -- Shining Day. It's also consistent with Hödr (darkness) being blind. Originally, they might have been divine twins, similar to the Dioscuri (Castor and Pollux) in Greek mythology.
Experts disagree but this is the backdrop of the debate.
The story has come down to us in two very different forms.
In Snorri's version, Baldr is the son of Odin and Frigg. He is a brother of Hodr. Hödr is a son of Odin, but apparently not of Frigg. You know this story. I think everyone does.
In Saxo's version, they are rivals not brothers. Balder is a demi-god, the son of Odin by an unnamed mortal woman. Höther is a mortal, the son of Swedish king Hothbrod. Balder has been elected king of Sweden, although Sweden is Höther's paternal heritage. Both of them are in love with Höther's foster sister Nanna, the daughter of Gewar, king of Norway. Nanna prefers Höther. There is a great sea battle where Höther and his allies (Gelderus, king of Saxony; and Helgo, king of Hålogaland) fight against Balder and the gods. The gods are defeated. Nanna marries Höther and he becomes king of Sweden, then Denmark. Balder wins a 2nd battle. The treacherous Danes elect him their king. Then a 3rd battle where Höther attacked. Balder was wounded with a magical sword and died three days later.
Do you see the problem? The existence of Saxo's version makes it much more likely that Baldr / Baeldaeg originally belonged to the cluster of Odin's human sons.