well the conservative manifesto did say about addressing the size of the lords - so I suppose an equally conceivable measure is axing a fek load of peers as well? - though to do so in such a disproportionate way as to "balance the lords" (in their favour) would seem unlikely.
they have been creating lords at quite a rate so again it would seem possible though not without problems politically and perception wise to do so in order to obtain a working majority
i think an elected second chamber might be their best bet in the short term... it would prove popular (I think) and if the conservatives maintained it in a fptp format they would stand a very good chance of getting a majority - or at the very least much larger share of the members than they currently have.
this is an article from back in May that predicted these problems
http://constitution-unit.com/2015/05/11/camerons-parliamentary-challenge-2-managing-the-lords/
I think in future they will try to ensure that any similar reforms go through as part of a finance bill as the Lords would be signing its own death warrant if they voted a finance bill down (imo)