If not, I would say that neither will die from your starting point. Rand would be able to blink/teleport around T'A'R since he is in his Dream-form, and therefore will himself away from the incoming balefire. Or he could imagine a barrier between himself and the balefire.

And so the battle rages on, both nearly of equal skill and Power. But since Rand is w/o his Creator granted god-mode hax, Moridin will blast him with the True Power and win.

DO: FINISH HIM!!!!!

(it would be funny if Moridin did a "friendship" finishing move)