I use the 'lightweight' spackle all the time. It is usually marked as 'low slump' or something like that, and is basically the same joint compound but mixed with micro-balloons to reduce the density. It is water-based so you can give it a little water spritz and then wipe it flat and smooth with a straight-edge. It works great on walls, and on rockets too!
All you do is stir it up and apply. If it is a little old and dried out, you can add a shot of water and then stir.
This stuff is so light (compared to regular spackle) that when you pick up a tub from the store shelf your first instinct is something like "hey, someone put an empty tub on the shelf!" It is made this way so that when you have a big hole in the wall or ceiling the spackle will not fall out under its own weight. I don't think it shrinks as much as regular spackle, and it also happens to be very easy to sand. It seems to take primers and paints quite well.
I am embarrassed to say that I used this stuff for years around the house before it occurred to me that I could use it for balsa filler.
Same answer as powderburner, when I was filling balsa fins one of the "find's" was Light weight Drywall Ceiling spackle. very light weight, rubbs into the grain well, sands like balsa. If it gets to dry add a little water, if you want a color add some stain, paint (very little) or epoxy dye. Great stuff for those who can't use Hi build spary primers.