I am of the mind that balefire was accounted for in Moridin schemes to turn Rand to the Dark One, and his plans include using Graendal confident in her ability to survive and cause maximum emotional pain in Rand. And Graendal knew of the plans via talking with him in the Prologue, after Demandred and Mesaana left.

If she didn't die in tGS, I'm willing to bet she will die in ToM. I just don't see her battling anyone in the Last Battle.

Here is my prediction for the final showdown:

Mesaana vs Egwene (+ Vora's wand)
Demandred vs Rand (or Logain after Taim is dealt with?)
Moghedien vs Nynaeve
Cyndane vs Alivia and/or Aviendha
Halima/Aran'gar vs Caddy + circle
Moridin+DL vs Rand + Calandor + linked womenz

Wishful thinking ...
Shaidar Haran vs Bela
Cadsuane stepping on a crack and breaking her back.
Elayne vs unfortunate midwife