Can't help you on the balaclava, I'm afraid--I'm still using a unisex/one-size-fits-all thing I bought from REI back in 1996. I'll be in your boat soon, though, since it's finally wearing out on me!
I've been riding in our 10-30F weather here in Minneapolis, and I've been fine. Here's my getup for these temperatures, in case it will give you some ideas. IMO it's very important to dress in layers and have windproof gear for as much of you as you can cover.
Up top, sports bra, thin synthetic long-sleeve top, fleece long-sleeved high-necked jersey, wind vest, and/or wind jacket (depending on how windy). May add additional thin fleece vest under wind layer if it's in the 10-15 F range and I'm riding into the wind.
Bottom, shorts, thin synthetic base tights, thicker tights, wind pants. Will do kneewarmers too (under the wind pants, natch) if it's really windy out.
Thin sock liners, thin wool socks, neoprene booties. I use clipless pedals even in winter because I don't ride in extreme cold if I can help it, which according to my comfort is anything below 10F. So I don't have to worry too much about my feet. They sometimes get a little cold but not dangerously so. YMMV, of course.
Thin glove liners, Pearl Izumi "lobster" gloves. Thin balaclava, fleece ear warmer, winter helmet (fewer vents) w/ wind cover.
And on my back or the rack is my commuter bag in case I get too warm and have to peel some layers off! And I always pack a warm hat and an additional warm, dry top layer in winter, in case I get stuck someplace. In addition to food, water, ID, phone, quarters, pump, tubes, basic tools, etc.
Good luck and have fun! Winter riding can be a blast.