I hate muzzle brakes and try to talk people out of them when I can.

Simms and Pachmyr both make excelent recoil pads that soak up a lot of recoil.

Mercury recoil reducers do work. In my best guestimation I would say that one will take out about 10% of the felt recoil. AS far as the ballance goes you can put one in the butt and there is also a long skinny reducer that is specifically made to be bedded under the barrel.
http://www.brownells.com/aspx/NS/store/ProductDetail.aspx?p=6728&title=RECOIL+REDUCTI ON+SYSTEM

IMHO stock fit is by far the most important aspect of minimizing felt recoil. Second would be a sheer weight of the rifle and third is a good recoil pad. Muzzle brakes should be installed as a last resort IMO.