An operating control line is in communication with an operating piston for the safety valve as well as an equalizing piston such that pressure in the operating control line opens the safety valve and holds the equalizer valve closed. A balance chamber receives fluid from an operating piston in the safety valve when the valve opens to displace a floating piston to the open position. Operating control line pressure reduction allows valve closure and opposite floating piston movement to the closed position. If the floating piston is forced by a tubing seal leak against the open position travel stop, pressure in a balance control line against the equalizing valve member moves it from a seat to then equalize pressure on opposed ends of the floating piston allowing a bias force to move the floating piston off the open position stop so the safety valve can open despite the tubing leak.