Trying to figure out what would hypothetically balance easier on your foot: a soccer ball or a football? ONLY taking in to account the SHAPE of the balls, not the fact that it is actually a football with grips, etc... I am assuming the answer will have something to do with the center of gravity of the 2 different shapes??

Yes, and what do you think will be easier then, taking into consideration their centre of gravities? :)

Actually the moment of inertia of the two different shapes is probably more important here - assuming that the center of gravitry of a football and a soccer ball are not too far apart. The oblong shape of a football gives it a larger moment of inertia (assuming you try to balance it along the long side, not on its end). That makes it easier to stay balanced, similar to how a high wire walker in the circus uses a balancing pole - it adds a large amout of rotational inertia that helps keep him steady on the wire.