Yes, I believe it would.

I still don't really believe Demandred has gone the "alias" and MoM way -not after scorning the others so much for doing just that. If he did that (but I really doubt it) Demandred will have gone Mesaana's way, and merely adopted a low-level by-stander out of convenience, while directing the show as Demandred with his pawns. But unlike someone like Lanfear for instance, I think Demandred is way too proud of who he is to adopt a plan like this. It would be important to Demandred to be seen as Demandred. If he can't be seen as Demandred, if he can't lead as Demandred and have people chose to follow Demandred, he won't be seen at all. He'll stay hidden until he can come out. And I think it's exactly what he did. I think Demandred was also clever enough to understand he could plan some great lines and the long term preparations, but until the last months it was way, way to early to know the hand he was dealt by Rand. He's secured his power over his followers, adapted his plans and his pawns' skills as the situation developped (eg: recently, it would have become a crucial issue to have mix gender circles, and to train his men and women to face these. Demandred was taken by surprise at Shadar Logoth - he faced something he wasn't expecting to face.. but I think we can be 100% sure Demandred has taken the lesson of the Cleansing to heart, and has now prepared for mixed circles, paralis-nets and weave-breakers, san'angreal and so on. It was a massive advantage for Demandred to stay hidden and give Rand no inkling whatsoever of what he will face.. before Demandred strikes. The other generals scorned the third Age. I think it fits more a man like Demandred to learn who is his enemy. A general who follow his prejudices rather than facts sets himself for disaster. If Demandred doesn't have Taim as one of his lieutenants as I believe, I think he would be stupid then not to have spies all over the place in Taim's faction, and not to have analyzed, by questionning Black Sisters, what the Green Ajah can do. But I think it's significant Mesaana called Elza "our woman", not "my woman near Rand".).

I think the big secret about his "identity" is that he has none, and why (he didn't need one, and his plans will reveal the why of that).

A scenario like this would explain a great deal of things in the series, even why the other three generals could not be shown as too succesful, because in the finale Demandred had to outshine them by a large margin.

Of course, this would totally justify Demandred to have scorned the others for moving too fast and too openly, especially if he regains all their power bases. Demandred could say" see, all they had to do was plan well and be patient to wait the proper time to conquer. Now I have these power bases, when it counts for the Shadow to hold them.".

That would also explain a lot the relationship between Moridin and Demandred. It would mean Moridin has long known of Demandred's plans and ambitions and somewhat managed to gain at least the appearance of loyalty from him. Moridin is probably pleased to have at his disposal someone so competent to mount a war in the South and hold the Light there. It is also rather clever of Moridin to insist to keep complete authority over matter at SG, while giving Demandred what will motivate him the most: his face-off with Rand in the South. It's around SG that Demandred might be a danger to the Shadow, as he might well place his obsession with Rand above Shai'tan, probably does in fact. It would also have been clever of Moridin to order Demandred to provide him with some of his soldiers to man his palace at SG. It all suggests Demandred and Moridin have a more functional relationship than I used to believe, that Demandred has managed to avoid any clash with the Nae'blis so far. Significantly, Moridin has always respected Demandred's desire for secrecy. Even in TGS, he didn't push him - his move to ask him to discuss his plans in front of Graendal was more a reminder of his authority, and his displeasure over Semirhage, than anything. Moridin let Demandred get away with a very obscure answer.

I think this suggests the "star" antagonist in the LB will be Demandred. He will be the foe most characters are facing (all, my hunch says, but Rand and Egwene). I tend to think LTT intends to frustrate him of his battlefield face-off. He will throw Mat and the great generals at him, but won't lead himself. This would frustrate Demandred no end (he might even conceivably see it as a slap in the face, that LTT throws non-channellers against him... or he might perceive it as a sign of cowardice and fear that LTT does not dare face him... it's hard to tell), and might lead him to interfere with events at SG, (against possible orders from the DO or Moridin) as his last chance to finally get what he wants, because LTT has managed to elude him so far. As Graendal pointed out, people with pesonalities like Demandred are to an extent predictable (so is someone like Lanfear, or Sammael).

I think the "last inning" of the book might belong to Shaidar Haran and Moridin, but it's by and large Demandred and his cronies that will steal the show in the LB.

RJ was preparing the ground for some sort of merging between Shai'tan and Moridin, which suggests in effect Moridin will become in a way the main vehicle for Shai'tan's character in the LB, a way to show the GL in action through the finale, before even SG.

This incidentally casts a whole new light on the matter of Ishamael "pretending" to be the Great Lord. After the signs of merging in TOM (and by this I mean stuff like Moridin now hearing the DO directly in his mind, even outside the Pit of Doom), I wonder more and more if there is a physical aspect to this (and the link to Rand suggests there is one (it seems the TP.. ie: the DO, leaped through Moridin to latch himself at Rand's mind at Shadar Logoth, in effect catching Moridin in between(, and so does the "madness" derived from the Taint), and if there's one it could mean it wasn't madness that made Ishamael "half believe" he was the Great Lord. It rather suggests Ishamael was so far gone in the True Power before his death that he shared his mind with Shai'tan in a way very reminescent of Rand and LTT, and much the same way, it happened to Ishamael that Shai'tan kind of poke for him, that his words expressed Shai'tan's thoughts. This, in turn, might explain why Shai'tan created Shaidar Haran as a substitute, after he lost Ishamael as his "vehicle", and wouldn't get him back in this role for quite some time, until Moridin had used the True Power enough... which in turn might explain, as Demandred noticed, that Moridin is really going over the top in his use of the TP since his transmigration: lost ground to regain before the LB. We also know that Shaidar Haran is very limited in the ways he can interact with the world. Moridin makes a much better flesh and blood vehicle for Shai'tan. Of course, it would mean the whole thing about a Nae'blis is a sham, a temporary solution before Shai'tan was back in Moridin's mind to "guide him". If Shai'tan "knows" Ishamael as intimately as sharing many of his thoughts, and seeing through his eyes (or the absence thereof), it explains very well why he trusts Ishamael so much. In effect, Moridin would be all but mindtrapped by Shai'tan.

All that said, it's fairly clear Lanfear is about to return as a main antagonist. The epilogue foreshadows the first act will be hers. I still don't understand how some could be fooled by her act. We know from her own POV how much she hates Rand now... and couple this with Shaidar Haran's mention that the matter of Rand is someone else's opportunity now. Clearly, Last Chance has been given a Last Chance, and this new strategy is Moridin/Shai'tan's answer to Rand's epiphany. Rand remembered he has a heart...the Shadow threw at him Mierin the poor victim and see if her predicament will break his heart and he'll fall for the bait (and it appears she'll have to work harder... at the end of the POV, Rand remembered he should think of Mierin as Lanfear...). Lanfear giving Rand the key for the Bore.. yeah, right... She's far more likely to be Moridin's ploy to guide Rand toward the way the Shadow intends to use him alive at SG. She's charged with delivering Rand to Moridin so he can kill him, I bet. She's probably been promised her freedom if she succeeds.. and the final death if she screws up or put a foot wrong and displays even the shadow of betrayal...