Is there a particular reason you want to do it this way? You seem a bit convinced of the idea.
During primary fermentation you cover your container to keep contaminants (like dirt, pet hair, insects, etc) from falling in. Leaving the yeast exposed to oxygen is a good thing.
When it is time to transfer to your secondary however, you want to keep out as much oxygen as possible.
Paper towels and rubber bands will not do this, no matter how many you put over your opening.
As far as the balloon method...well, it is interesting in a grade school science experiment kind of way, but most have an odd chalky residue over them and I've heard they can somehow leach an odd rubber taste to your wine.
Now...can you make wine using your techniques? Probably. I mean, winemaking has gone on for thousands of years without any kind of fancy equipment.
But buying just a few cheap items is going to be the difference between a fun science experiment and something you would actually want to serve your dinner guests.