''My mother thought I should be institutionalized and probably still does, but she's proud of me,'' Mr. Walters said today, adding that he had dreamed of soaring into the sky on a weather balloon since he was 13 years old.

He was surprised at the widespread publicity his antics generated. ''I knew it would bring a little attention, but I thought they would have the space shuttle on the front page,'' he said. ''The phone wouldn't stop ringing. We finally had to unplug it.''

As for the trusty lawn chair, Mr. Walters gave it to some children who helped pull his contraption off the power lines, which had been turned off when the police saw where he was heading. He also gave the children autographed pieces of the 6-foot balloons.

''I would have junked it, to be honest,'' he said of the chair. ''It served its purpose.'' Federal Officials Up in Air

The Federal Aviation Administration said Mr. Walters had been sighted at 16,000 feet by pilots for Delta Air Lines and Trans World Airlines. Neal Savoy, a regional safety inspector for the agency, said Friday, ''We know he broke some part of the Federal Aviation Act, and as soon as we decide which part it is, some type of charge will be filed.''