I'm not familiar with either mic, but I suspect the Shure's a better option due to its ability to articulate. This will give you a bit more flexibility to orient the mic as best as possible, ideally allowing you to point the mid channel toward the primary sound source. In a mid-side arrangement like this, the bulk of your direct sound comes from the mic channel pointing, well, directly at the sound source. The side channel will capture mostly indirect / reflected sound.
I'd stay away from "riding" your levels. Best to set your levels at a point in which you have high confidence they will not clip. If you ride the levels, you'll have increases and decreases in volume throughout the recording, which you'll probably want to even out in post-production. I prefer to avoid that hassle in post-production. Of course, I sometimes guess wrong about levels at the start, and may make an initial adjustment early in the recording -- but after that, I try not to continue doing so (fixing one volume change is easier than doing many).
FWIW, I also think 24/96 is overkill. I doubt you'll notice a difference between 24/96 v. 24/44.1 (and that's true for a lot of gear...not just the stuff mentioned here). My general rule of thumb is to set the sample rate based on my final destination format. In my case, that typically means 44.1kHz.
I'd skip any and all EQ on the mic / recorder / app and do it all in post, probably including high pass filter / bass rolloff. In a bass heavy environment, I'd be most concerned about <1> the SPLs overloading the mics themselves, about which you probably can't do anything; and <2> overloading the input on the recording device, which you might be able to address if there's a high pass filter that takes affect on the mic hardware itself. But I suspect the high pass filter is controlled through the app, and I'm guessing all of the apps features that affect the recording are applied after analog-to-digital conversion -- at which point nothing you do via the app will fix any problems that occurred in the analog realm, and anything you can do in the digital realm you'll have more control of after-the-fact with a proper editing app.
Lastly, I think it's optimistic to expect a soundboard-like recording from an audience recording. If that's your goal, the best thing you can do is probably to get quite close to a speaker stack so you get as much direct sound as you can, with as little indirect / reflected sound as possible. Whether the balcony is the best place to do so may or may not be the case depending on the venue, sound setup, etc.