The act of traveling using the True Power is when you rip a hole in the Pattern. In theory that means that extensive traveling using the True Power could have the same effects as balefire, or it may not, as the Pattern may rush into the hole to heal it, just like if you punch a hole in a boat.

    What is balefire? It appears to be the most destructive force other than the Dark One himself. About the Dark One, he appears to be the complete opposite of the Creator. How is this possible? Why would the Creator create such an evil being. 'Cause he's whack dats why!!!!

http://forums.dragonmount.com/index.php/topic,10117.0.html

 

That thread should clear up any questions you have about Balefire... read at least until you finish page 5 before posting your own questions there.