They also sell bulkhead plates that fit into a BT-80 coupler. Unless you really need a solid balsa plug, a coupler and plate might be the way to go. You'd save money and weight.
if you're planning on attaching anything to the bulkhead, and are bent on making it out of balsa, make sure it is thick, or use basswood or light ply (I have a bad image of a shock cord eyelet inserted into a (thin) balsa bulkhead just pulling out or splitting the balsa. If it's not structural, then I suppose it's okay to go with thinner
Fliskits uses just such a bulkhead, about 3/4" thick, if memory serves, in the Decaffeinator. It's at the front of the BT-80 motor housing tube, to act as a pressure container for the rear-ejection of the MMT.