The blanka matchup is similar to the Honda matchup, except that you can reversal all blocked balls with a dash punch, if you get hit, you can reversal with jab dash punch on hit (at the right distances).
Electricity is his general anti-air, don’t jump on him, unless its a safe jump, electricity can be beat with dash low and crouching sweep at max distance, you can even grab him out of it on start-up.
In this match st.HK and far st.HP are your friend. Go in training mode and know your spacing, good blanka’s will space appropriately so the lp blanka ball whiffs at your feet so they can grab/surprise forward and grab etc. Stay out of this range since it’s just out of the range of all of your normals. St. HK and HP will trade/stuff blanka balls, so it’s a great match opener since it doesn’t put you at much risk.
You can reversal his ultra (if you’re not in block stun) with an EX HB, otherwise you can wait until he’s done and time your reversal ultra in his recovery to hit all on the ground, if you’re timings off it’ll juggle otherwise it’ll hit full on. The timing is similar to reversal ultra for blocked blanka balls too. Its usually best to attempt to block cross-up ultra, but really I’ve got no clue how to avoid it all the way (maybe neutral jump?)
On Honda, you can reversal dash punch all of his headbutts except lp, special/poke during his hp hands to standing HK, sometimes they miss the link, but use it sparingly since they can bait an oicho. As seen in Jav1ts thread http://shoryuken.com/showthread.php?t=212305 Trick #5 is helpful to punish honda’s ex headbutt. Super gives you a leg up in the match since it takes away all of honda’s safe chip options from max distance, and you should be using any ex moves against honda.
On a sidenote, I’ve found that the best honda strategy against balrog (since I played the match alot) is the wake-up guessing game. I.e. honda knocks down rog, and does two moves, lk butt slam, and oicho. Honda has other options, but those two are important because you can’t just block/backdash since blocking could get you oicho’d, backdashing could get you in the downward part of his butt slam. EX headbutt is an option, but he can always just block, oicho and start all over. Stay on your feet the entire match, punish every possible headbutt to shut it down and save your super to end him on the second match. The last thing you want with honda is to have to close a match when he’s at 10% health, between honda’s turtling and the damage scaling, you’re looking at a tough time.