so, this was harder than I thought... maybe there's a simpler way but I need tome to think about it.
The general idea is to cache the RBDs (balloons) and the particles to separate Alembic files, use the particle alembic ONLY ON FRAME 1 to clone the Splines and make them Ropes and add a Connector Tag, NOT a Rope Belt.
Put the Balloon Alembics into a Connect Object and make it a cloth with Mix Animation 100%.
Make the Rope Spline Connector Tag search until the ropes find the Balloons.
Here's the final file and the RBD alembic:
https://www.dropbox.com/scl/fi/hug88hs5ubq3rwdqa2m0b/balloons-final-with-Strings-01A.c4d?rlkey=5274a024islzj8sc7smkmrukg&dl=0
https://www.dropbox.com/scl/fi/7x7y1dk862azezkskbl72/balloons-final_Rigid-Body_v0.abc?rlkey=za6mv95rnkosv9zxxpyqu18bv&dl=0