I heard that if you get your tragus it could mess with your equilibrium and make your balance off, I also heard that it can make you deaf is this true?

Ouch! I have a high pain threshold, but ouch!

It could mess with your equilibrium only if the person doing the piercing is sloppy. You could become deaf if this same sloppy person sticks the needle through your nearby eardrum. I'd be really careful whom I allow near that part of my ear.

From Wikipedia --

The tragus piercing is a perforation of the ear for the purpose of inserting and wearing a piece of jewelry. The tragus projects immediately in front of the ear canal. The piercing itself is usually made with a small gauge hollow piercing needle, and typical jewelry would be a small diameter captive bead ring or small gauge post style piercing jewelry. A related piercing is known as the Antitragus piercing.

The hollow, low-gauge needle used for the piercing can be either straight or curved, depending on the piercer's preference. The piercer has to be careful not to allow the needle to penetrate any further than the tragus.

Body piercers recommend about 12-18 months before changing the earring as it has a high risk of getting infected due to long hair getting caught around the earring, any hair product residue, or improper cleaning also swelling of the tissue can cause the earring to get caught in the skin possibly resulting in hospital surgery and removal of the tragus if the earring is replaced too early.

The Tragus becomes very swollen and will bleed and ooze fluids for the first week. Proper cleaning and sanitization is crucial in the healing of this piercing.