Even if you've had an emergency fund in place for years now, don't pat yourself on the back too hard. (gobankingrates.com)
Yes, you can add one Balanced fund in place of multiple allocations to mid / small cap funds. (relakhs.com)
I would argue to at least have some sort of emergency fund in place before starting to pay off debt aggressively, but after that, go at it! (thebrokeprofessional.com)