I found it on my hard-drive the other day and thought it might be worth putting up in the case that it's of any use to anyone! The project is full of performance issues and other weird things but hey I hope it's worth something! Enjoy.
Code lives here: https://github.com/alexanderperrin/threejs-ballooning
Works on desktop and (most) mobiles. You can use the arrow keys or touch the screen to move the balloon.