That is what it's for, although all 5 points are in the same plane so if you initially set up your tripod so that the EQ axis is roughly pointed north (the 5 points are north low, north high, overhead, south high, south low) you're still going to have problems if you have an east or west facing balcony, because it'll choose the three calibration points crossing the zenith which may not be visible at all. However for an east facing balcony you may be able to start with the tripod/EQ axis pointed eastly, and then choose one of the first 2 point (north low/north high) which will really be east low or east high. Yes you'll get polar alignment offsets that are very high so it'll be interesting to see if after such a large adjustment you're really north aligned. I'll have to test this out next time the sky is clear (far and few between all winter/spring).
