Makila,
You're right - finding that balance takes careful thought, effort, planning, and consideration of how best to measure learning. The students knowledge of the subject and perhaps their readiness for work in their career area is not an easy task. I think if we keep "Job Readiness" as the focus (along with student and course learning objectives), this will help direct where and how much weight the different categories should carry.
Another help is using a grading rubric to help determine what is most important to measure learning.
Barry Westling