Can the Chemical Equation Tool Balance Equations?

The simple answer is no.  The chemical equation tool is designed as a small tool to make a difficult job much more efficient.  It is a publication tool, not a teaching tool and makes no attempts to be one.  The chemical equation tool makes no attempt at checking the "validity" of what has been typed.  It also makes no attempt at balancing the equation.  This allows you to write equations that are NOT balanced for use in tests.  The chemical equation tool is not trying to replace your knowledge of chemistry, just make your job easier.