I'm confused by that, in simplest terms the quantum Zeno effect is one of the most elementary calculations you can make with the Schroedinger equation. So Ballentine cannot have thought the Schroedinger equation would be wrong if a precise enough experiment could be done, he must have just thought that the experiment would be too difficult, perhaps analogous to how Bohr might have thought an experiment that prepares a macroscopic superposition would be too difficult.
I don't see what formal problem there could be, it seems to me if one takes the ensemble view of the probabilities of outcomes of a single experiment, one can equally also take an ensemble view of the correlations between outcomes of repeated experiments. In other words, just as there will be an ensemble average for the fraction of spins recorded as "up", there should be an ensemble average for the expected number of times that two subsequent spin measurements will give the same result, versus a flipped result, and that ensemble average should go to an expectation of zero flips in the limit as the time between the observations gets small and the number of repeated observations gets large. That's the Zeno effect in ensemble terms, it seems straightforward enough, so can you give more details on Ballentine's objection?
Added: in fact it seems that the ensemble interpretation is a kind of crossroads between all the other interpretations, morphing fairly easily into any of the others. For example, if one asserts "the ensemble is real, but we only experience a fraction of it", one gets something that sounds a lot like many worlds. If one says the ensemble is just a conceptual tool, and use a frequentist interpretation of the probabilities encountered, one gets the brand of the ensemble interpretation that bhobba pointed out. If one says the ensemble is just a conceptual tool, but use a Bayesian interpretation of the probabilities, then one gets something pretty close to CI (as bhobba explained). If one says the ensemble is just a placekeeper for hidden variables, one gets something pretty close to BM. All the interpretations can be seen as variants on the ensemble interpretation that just take one or other metaphysical stand on the meaning of the expressions being manipulated. Maybe none of those metaphysical stands are "universally correct", because maybe quantum mechanics itself is not universally correct, but each one may have its preferred context. So what you are asking might be, is the Zeno effect the preferred context of the CI?