I've heard that archery could help improve a person's balancing. Not sure if this is right and if it is, how so?

I could buy that it can help... but 1) not much, and 2) a lot of hassle with equipment, space to do it, etc.

One method is to stand on one foot and have someone push on you gently from different angles.

Here are some other suggestions: Balance Exercises (http://physicaltherapy.about.com/od/balanceexercises/Exercises_to_Improve_Balance.htm)