One will rotate the plane polarised light clockwise the other will rotate it anti-clockwise.
Also often only one isomer of a compound will be biologically active, in this case I would guess that whatever the (-)-balanol does the (+)-balanol doesn't do, biologically.
As far as HPLC is concerned you may want to wait for a reply from someone with more knowledge on the topic than myself. I would presume though that you could separate isomers using HPLC (I don't know the details) in which case there would be a different standard for each isomer. This doesn't mean you could use the racemic mixture though.