I think it would be a live live show first, wouldn't it? I find it acceptable if Adam very slightly ups the amount of plot armor for the live live shows considering how much a PC death would interrupt the flow of the show. This is assuming the players have fallback characters prepared. If they don't, then it'd suck massively for the player who died. Also, the death of one PC necessarily increases the chance of a TPK, and I guess that would be a disaster for the live live show. So they might get close to a death, but IF someone dies, I'd bet Adam times it so it can only happen near the end of the show.