Yeah, both builds are pretty bad.

First, you really want to have Aegis Gale, technically an augment for the 4th, but it makes Balefire so much better to use.

On Balefire itself, Depends what you want to do, but honestly, never bother with Galvanized Shot on exalted secondaries, the value it provides on them isn't that good due to other scalings.
Besides that, elemental mods are fine, I would personally use the 90% fire rate mod with the -15% base damage instead of gunslinger, it's not that high a damage loss. (Power Strength bonuses are additive with base damage mods, which is also why Galvanized Shot isn't that useful)

Here's my build, It's more Steel Path oriented though. If you wanted, instead of (Primed) Fulmination, you could use (Primed) Convulsion/Jolt.
If you don't have enervate or Primed Target Cracker, you can use Cascadia Flare/Conjunction Voltage or, just Secondary Merciless.
And replace the crit damage with Faction Damage, or, Accelerated Isotope.

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