Bill,
You take 1 shot with that to set your balance then remove it, or do you shoot with it on?
It is semi-opaque, you can't shoot through it.
So what you do is tell your camera to set a custom WB. It generally says something like
"Point your camera at a white object and press the shutter." Every camera make is different, but most of them work something like that to set a custom WB.
Instead of pointing my camera at a white object, I hold the expo disc over the end of the lens, and point it in the general vicinity of my subject. Then I press the trigger. The camera either says "OK" or "NG" (no good) if there wasn't enough light.
I then take the expo disc off the camera and begin shooting. I don't change any settings unless my light changes. Indoors at events, that's usually not a problem, so I'm good for the day.
You can use the expo disc with RAW or JPG. If you use with JPG, your WB is set for you, and probably not a lot you can do if the expo disc messed it up - just like when you have to futz with auto WB gone horribly wrong on your camera. If you set your camera to RAW, then the WB is saved as "camera WB setting" when you edit, as opposed to "automatic WB setting," etc. I run Linux, so my editor is different that yours probably.
So anyway, if my expo disc does the trick, then I'm good to go as-is, right out of the camera. If I still need to mess with WB and I shot RAW, I still can - nothing gets lost.