You don't need to go to the ball, I didn't even know there was one. The Lonach is one of the most "fun" Highland Games, but it is a small village for most of the year so doesn't have much accommodation and even the campsites book up quickly. And you do need to stay overnight to really enjoy it.
In past years, when Billy Connolly lived there, he had a number of his Hollywood friends visit, the likes of Steve Martin and Ewan McGregor. Robin Williams used to be a regular and I saw him competing in the hill race a couple of times.
Now since Connolly sold his house there , it has less of a "glam" quotient but is still loads of fun, and interesting.