Don't they already sell lasers that do that directly without the balloon?
But aside from that ..... there was a company in NJ called Edmund Scientific Company. They had the warehouse, office and manufacturing in a building in Barrington NJ just off the White Horse Pike..... I'll almost guarantee Floyd knows of them. Turns out they are still in business
http://www.edmundscientific.com/ They were big into optics and light but they had all sorts of really geeky stuff.
They had a light show room where they demonstrated many of the things they made and sold. It was like a theater with a really good (for the time period late 60's early 70's) I remember they played the Rolling Stones She's A Rainbow. One of the things they sold was the rubber membrane with mirrors glued on and you shined a focused light at it.