The Random House Historical Dictionary of American Slang has it’s first citation of “ball” = “fuck” in 1953 and it is of course still in use. It does not list “baller” in the OP sense (or in fact at all), so I guess that meaning postdates the dictionary’s publication (1994).
The Urban Dictionary defines “baller” as “A thug that has ‘made it’ to the big time. Originally refered[sic] ball players that made it out of the streets to make millions as a pro ball player, but now is used to describe any thug that is living large.” So I guess that’s the source of the adjective, although the Urban Dictionary is not a model of scholarship.
The Historical Dictionary of American Slang’s definition of “ball the jack” is “to go fast (said esp. of a railroad train); make haste; to run away. [1913 quot. from a well-known ragtime song, gave the phrase wide currency and ref. specif. to the performance of a dance step presumably introduced by the song; whether the phrase itself was coined at the same time is uncertain.]”