Is this for a SA-MP server?
A load balancer requires that you run multiple EC2 instances with a SA-MP server on each instance - this wouldn't work because these would all need to be connected to each other somehow, otherwise players would be joining a random server. For example, if you tried to load balance against 4 x EC2 instances, a player that was sent to server #1 wouldn't see players on servers #2, #3 and #4.
Load balancing/clustering works for web servers because no important data is stored in memory on each instance - the only shared data is on a database which must be hosted externally - so users are spread to random instances which query and update a shared database. A game server doesn't have this feature because player data/state is stored in-memory in each game server instance.
Fortunately, running on EC2 means that you can take advantage of Amazon's massive network infrastructure - it's unlikely for example that an attacker will exhaust your network bandwidth, but constant SA-MP server requests might eat up your CPU and cause your server to become unresponsive. In that case, you can use some firewall rules (with iptables) to drop packets from dodgy attackers before they reach your server -
this article is a good starting point.