Walters trained sharply on Wednesday morning and Lyon believed a lack of match fitness would not be an issue.
Ballantyne was on light duties due to some tightness in his lower back and hips but he is expected to be fine for Sunday.
Defender Luke McPharlin faces a battle to get himself fit for the finals after being ruled out for three weeks with a calf injury.
Lyon said out of crisis comes an opportunity for others to step up.
"It's not ideal," Lyon said.
"But we've coped without him before. Alex Silvagni is a prospect. Ibbotson's a prospect and young Alex Pearce is playing quite well. Chris Mayne spent some time down back again on the weekend so we have got some options. We've got some confidence we'll be OK."
Ibbotson missed last week with a back issue but he trained fully on Wednesday and provided he passes a fitness test on Friday he will be available for selection.
Tendai Mzungu also trained strongly and is pushing to return from his hamstring injury.
Stephen Hill was absent from training on Wednesday.
He rolled his ankle early in the loss to Geelong last Saturday but he played out the game and is expected to be right for the Hawthorn clash.
Fremantle sits a game clear of Port Adelaide in fourth spot, but a loss to Hawthorn could see the Dockers tumble to fifth.
The Hawks will be without suspended forward Jarryd Roughead, while Jack Gunston is expected to miss the grand final re-match with a knee injury.
Lyon said the loss of Roughead would not diminish Hawthorn in any way.
"Roughead's a very good player, but they've shown a great capacity to score and score heavily regardless of what personnel goes into their roles," he said.
"They've got a really strong system and it's really hard to deal with. They're a very smart footy team."
Full-back Brian Lake is available for selection after serving a four-match ban, but the Hawks may hold him back for next week's clash with Geelong given the six-day break between games.