Not sure that the item is a mass balance - they tended to have a 'tubular', aerodynamic shaft, with the balance itself more streamlined, almost egg-shaped, and a lot larger. That said, the actual size looks like it might match the balance on the rudder or elevator trim tabs, which, if my memory is correct, did have a 'flat' shaft, and a 'round' balance.
It also looks rather like one of the pitch or mixture levers, found on the throttle quadrant, although just going of the photo is not a very scientific way of judging!