I am not sure which exact product you are using. However I am assuming that it would be a Content Switch. Load balancing and Failover are two different things. Loadbalancing is used to balnce the load on the servers and distribute traffic based on Content rules to servers in the server farm. Failover is a redundancy feature wherein 2 CSS can be configured with identical config and one(back up) takes over when the other one(master) fails. I am not sure if you can use failover in place of load balancing.
Thanks,
Didya
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