Honestly, if Terra, Ven, Aqua, Roxas, Xion, or Naminé die, I'm going to be really ticked. They've already suffered bad enough fates, and if they die it would defeat the whole point of having this "saving them arc" in the first place.
That being said, I wouldn't mind if Ansem the Wise or Eraqus died (or just remained dead), as them being saved in III hasn't been nearly as hinted at. It's still up in the air about whether Sora's new journey even covers them, imo.
I also really don't want Riku Replica to come back or for Vanitas to be saved or redeemed. Just let Riku Replica stay one of the characters that has truly died.
And as for Vanitas... I just want one example in this series that shows that not everyone can "see the light", so to speak. And I think Vanitas is a perfect example for that. They could throw in his BbS novel flashbacks, to make what happens to him all the more tragic (and to show that maybe there was hope for him once upon a time), but still don't save him.
I'm also pretty indifferent towards Isa's fate (and most of the new Organization's, I guess)... I don't want him to become un-Norted, but at the same time it won't be a deal breaker for me if that does happen for him. -shrugs-
Terra... as much as I don't want any of the Keyblade apprentices or once Nobodies (and one Replica) to die, I feel like that no matter what one of them is going to have to. Which is beyond sad, but if it has to be one of them... I have a feeling that Terra will take himself--Xehanort--out for the greater good. Again, I don't personally want this. But if one of those characters has to die, I guess I'd be okay if it was something like this were to occur. But please only kill one of the people featured in Re:Coded's ending, Square. I don't want to feel like my journey in KHIII was all for nothing.
Most importantly: Xehanort. For the love of all that's holy, do not try to turn him good. That is too much a deal breaker, imo. And even if III ends up insanely revealing that Xehanort was right all along about the light and darkness thing, he's still not okayed, because the methods that he took to reach his goals (child abuse upon child abuse) is not good in the slightest! I'd probably quit the series if this were to happen. No having Young Xehanort go good. No having it be "Xehanort was possessed the entire time, probably by someone from Chi, and is really an upstanding person." Just no!
I'm also hoping that this game isn't going to pull a million people from Chi into it, alive and kicking, when they should be dead, but I feel like that's already set in stone. Ugh.
Y'know, I'm even worried about Data Sora becoming his own person in this or something...
So to simplify this all, I basically don't want anyone besides the apprentices and Nobodies being rescued. Otherwise, I'm afraid that Nomura won't know when to stop and will get a million new characters in this supposed finale, and will then have to juggle all that (when the series already has had trouble balancing its characters) for the next saga... Yeah, please don't do that, Nomura. Thanks.