The very early comms sat experiments in the 50s were just aluminised passive balloons that reflected radio signals bounced off them while in orbit. [1]. However they were there because they were put there by a rocket. I'm not sure if your question is implying that you could float your way up to LEO altitude. I suspect you couldn't with anything that could be engineered.
> Or even some kind of contraption that slowly releases gas from the balloon as it detects lower pressure in the atmosphere to help it maintain altitude and prevent the balloon from rupturing?
This is done already in two ways. One passively does what you describe - a zero pressure balloon - by having a hole in the bottom so helium leaks out as it rises. Eventually enough leaks out that the net lift is zero and it just floats.
The other is a super-pressure balloon [2] which does what you described in your first paragraph - it's strong enough to not explode until the pressure (and so density) of the helium inside increases relative to the outside atmosphere until the lift becomes zero. But we're still a long way from an altitude that could sustain orbit. These operate at relatively low altitudes like 45km/150kft. The drag and heating there would be enormous at orbital velocities!
[1] http://en.wikipedia.org/wiki/Project_Echo [2] http://en.wikipedia.org/wiki/Superpressure_balloon