dgpretzel wrote: I'm thinking that a single run might suffice-- two conductors, one for each channel.
I could be wrong and sorry if I mis-understood you, but you are missing your returns. Unless you were thinking of using the shield as your return for both left and right channel, which is something that I wouldn't do (who would get the return). You have to run two runs. One cable will be for left channel, the other for right. Each channel will have your postive and return conductor. The shield will be tied to ground at one end (usually the source) to protect against EMI. You could get a 4 conductor twisted pair with shield, then you would only need one run. One pair would go to the left channel, the other to the right.
Balanced lines use two wires where the signal will be equal in amplitude, but out of phase. Only out of phase signals are detected at the receiver end. If RF or other noise is induced on the line, it will be picked up by both wires, but this signal would be in phase, which would be filtered by the receiver circuit. This would allow you to run audio signals hundreds of feet (if you wanted). I think the only problem would be a voltage drop due to the increase resistance in the cable, so your receiver circuitry would have to be able to detect very low signals.
You would not see a incremental benefit from converting from unbalanced to balanced back to unbalanced in short runs (around 30' and under). Or should I say, the chances of your hearing a difference would be slim. Longer runs, depending on the distance you may see, or should I say hear an attenuation in the higher frequencies. This all depends on how good the cable is, how good your speakers are, how good your amp and preamp are, and mainly how good your ears are. This is where the benefit of balanced lines would be handy. Not just for immunity for noise, but the effect of the capacitance would have less of an effect, again because of the phasing.
As stated, 40' is hard to tell how much signal you would loose (maybe not any). Not knowing you background to electronics, you may consider trying to build that DIY circuit I posted, and hear for yourself if there is a difference. Just use quality parts.
Hope this was helpful