I set up each car based on front/rear weight distribution to start with (or at least perceived weight distribution), and then tune to each track from there. When it comes to brake balance, from an engineering standpoint, optimal braking efficiency can be calculated by matching the ratio of front/rear brake distribution to the ratio of supported weight at the front/rear axle. Which isn't as simple as it seems...
The tricky part about this is that the weight distribution is never static under braking... you can start at a static baseline (parked car) but that should be considered the absolute minimum point of weight distribution to the front axle and the absolute maximum distribution to the rear. Once momentum and inertia are added in, every instance of braking will increase the weight supported at the front axle and decrease the supported weight on the rear; the extent of that increase/decrease is obviously dependent upon the degree or severity of braking force (if you're standing on the brake pedal, the weight distribution is going to drastically pitch towards the front axle). And that's before you even take track grade into account... for example, braking on a downhill grade will pitch the weight distribution even further onto the front axle versus the same braking force on a level grade. This is why it's important to tune to the track as well. Some tracks have their most important turns on a downhill, others are level, others uphill...
If your goal is to stop the car in as short a distance as possible, your brake distribution should match your dynamic weight distribution under braking load. In other words, if the weight of your car WHILE UNDER BRAKING is being supported 80% by the front axle and 20% by the rear, then the most efficient brake setup should mirror that distribution.
*however, this assumes that your goal is to stop the car in as short a distance as possible. In reality, everyone has their own driving style, especially when it comes down to any given car on any given track... driving styles can vary drastically even for the same driver. If you rely on a significant amount of trail braking, for example, then stopping your car in a straight line isn't really your goal while approaching that particular corner. And if you're faster doing it that way, then you may WANT to set up your brakes to roll through a turn while braking instead of stopping. In the end, it all comes down to your own driving style.