I have a piece of junk Alesis Midiverb 4 and was wondering if the out's and in's on this unit are balanced or if it is just another piece of Alesis noisy junk?
You could build or buy cables that would work properly going bal/unbal. So that alone is not really much of a stumbling block.
The Midiverb 4 is noisy, like a lot of effects built by Alesis at that time. I believe the power supply for that unit is the big lump in the line that was standard on so much of their gear. That power supply can leak a lot of noise into audio lines if you have them running too closely together. If the audio cables to the Midiverb 4 are routed near the power supply, you will certainly reduce the noise level by re-routing them further apart.
Cheap gear will have a sweet spot where things sound the best, just like great gear. However, one difference is that the sweet spot on cheap gear is usually very very small whereas the better gear will have a much wider sweet spot. Because of this, careful gain staging becomes even more crucial when using lower end equipment.