The thing you have to be careful about with this statement is the cable used. If a shield is involved and it is tied to pin 3 while pin 2 has the inside connection, its not going to work regardless of the impedance to ground.
Ralph, if you would note my earlier post on 5/08 I already mentioned that a coaxial cable would make for a very poor balanced line. I was trying to make the point that just because some piece of equipment has an XLR jack on its panel, that doesn't necessarily mean it's truly balanced. The definition of a balanced output or input is equal impedance from the two signal lines to ground. As an example, with some OP amp based balanced to single-ended conversion circuits the impedances do not exactly match and are off by a few ohms. Doesn't sound like much but it can seriously degrade the CMRR.