The most recent build is v1.37, which based on UQM 0.6.2's code. This mod is not yet compatible with UQM 0.7.
Download the Windows files and extract them into UQM's main directory.
Download the effects package and place it into an add-on folder named "balance". Do not extract the contents of this .zip file, just leave it as it is. The addon path that I use is this: C:\Games\The Ur-Quan Masters\content\packages\addons\balance
To play Balance Mod, run the .bat file rather than the .exe.