Plantballs are notoriously bad for generating biomass. While it seems theoretically possible, I don't think it would be very viable.
In fact, looking over the numbers, you're basically screwing yourself. Wheat by itself produces 100 mB biomass, it takes 8 wheat to make one plantball, which only produces 400 mB, so you are halving your output by not just using wheat straight.
Cactus and Sugar Cane each produce 200 mB biomass, it would likely be much more viable to create a sugarcane or cactus farm and run it off of that.