Without a shadow of a doubt it is balanced. Tardelli and Antognoni can also be considered in midfield even if Luis Monti is not strictly Italian. A step below Gattuso, Giannini, De Rossi, Albertini and perhaps also Verratti, Attilio Ferraris and Carlo Parola
In defense we had Renzo De Vecchi. His nickname was "the son of God". A player often forgotten but from what I have read a great player of the 10s and 20s. Others to mention are Caligaris, Rosetta, Burgnich, Nesta. Honorable mention for Vierchowod which I adored.
In addition to the two monsters Zoff and Buffon, Albertosi, Zenga, Combi, Peruzzi, Toldo could also be considered in goal.
In Attack Riva would be the starter for me but others who deserve a place in a selection for a world championship would be Paolo Rossi, Piola, Vieri, Inzaghi, Altobelli, Luigi Cevenini, Giovanni Ferrari
I'm sure I'm forgetting others... but it's 3 in the morning and sleep clouds my memory
I want to make a separate discussion for the Grande Torino players. I have always had the certainty that if the Superga tragedy had not occurred, Italy would have won the 1950 World Cup. If this had happened, many dynamics and many names would have entered the Olympus of the national team too. Not just Mazzola. But also Menti, Maroso, Castigliano and Loik. Stratospheric team that offered 9 or 10 players out of 11 to the national team.