Yes, there should be a novel on BG, as well as on Planescape. I never had the chance to get my hands on it, but I know they should be there somewhere. The quality of the story is rather doubtful from what I've heard though.
As for Bala's Axe, it only has the miscast magic ability, not the dispel magic one. That would be useful though. I never use that Axe myself however. I never use the miscast magic spell either as a matter of fact (not nescesarry, because of lots of ranged attack).
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