I got my "balloon" terminology from Wikipedia, where it is described as the means for turning the entire train on a REAL railroad, not just the engine. I believe it is a method used occasionally on commuter lines, where the order of the cars kept the same is of some importance. I read a few years ago that a New York commuter railway had always kept the "bar car" at a fixed position within the order. Easier to find for the bleary-eyed stumblers, I think.
(The commuter train where I live now simply reverses the train and puts an observing engineer at the lead car for reverse travel; I know other railroads will occasionally put the engine at the lead end by detaching it at repositioning at the end of the line.)
I know hobbyists have been turning engines by the means you mentioned forever. Some even lift it off the tracks!