IR will always be shades of monochrome. I am not sure what you are trying to achieve with "white balancing." Using a 720nm cutoff there is sufficient colour bleed into the visible band that if you whitebalance cool enough you will end up with two distinct colours, red and blue.
What I can suggest is ignore it. Firstly shoot RAW, this is a necessity anyway, and then completely ignore the white balance setting since you can adjust it in post. Then think of the effect that you are trying to achieve. Some effects require whitebalancing to around 2200k to get the 2 colour effect (seen as slightly blue trees in this one:
http://farm3.static.flickr.com/2180/2433580880_9c97964125_b.jpg). Some effects are easily achieved by adjusting the tint to make the image look yellow before processing (to make the sky blue when you do a channel swap
http://farm3.static.flickr.com/2305/2301198605_f3d72526c7_b.jpg), and some images it just simply doesn't matter what the white balance is set to.
Don't get stuck on this middle step. Providing you aren't clipping the highlights the white balance isn't even a proper means to an end. I would suggest the following:
- Shoot RAW (you'll need it unless your camera has been specifically modified).
- Set the white balance as cool as you can in camera (this allows you to shoot with the highest exposure without clipping the red channel).
- Find out what you want to do and fire up Photoshop
There's nothing wrong with entry level filters to start with. I've used the Opteka before and they aren't much of a step away from the Hoya SMC series providing no light is hitting the filter element causing flare.