I made a pinch valve up with a very inexpensive non-ballraced 9 gram servo. So far so good, but I had to use a miniature servo for space reasons. If I'd had more room, I would have fitted a standard size servo. Servos are very cheap from places like Hobbyking these days.
Couple of things to bear in mind with pinch valves. Many of the designs use a ball or rounded off shaft to pinch off the hose, these require more pressure than a pinch valve with a keener edge. I used some copper sheet folded over to make a small radius, nothing sharp at all. This was coupled with some fairly thin walled silicone tubing, which is very easy to compress.
Others have mentioned my hose will end up damaged with this set-up, but I've seen no ill effects to date, and I keep a close eye on the hose. Also worth mentioning that the way you profile the servo arm will make a difference. You want a nice smooth cam action that gradually squishes the hose, not an 'all or nothing' type action.