That's probably the key. If the individual in question had lived in the Uttermost West and hob-nobbed with the Valar, they have a decent chance of destroying a Balrog. Of the original list, this means Gandalf, Saruman, and Galadriel.
As for the "bad guys" on the list, we all know the cardinal LoTR rule: after an initial struggle to determine dominance, evil things work together. If the Witch-King goes out to talk to the Balrog with orders from Sauron, they might fight. The Witch-King inflicts a couple of hideous wounds, then gets the stuffing beat out of him. The Witch-King then notes how more powerful than himself his Master is, the Balrog considers for a moment (and keeps in mind Sauron was awfully high on Morgoth's totem pole), and decides to do what Sauron "asks". If it isn't too inconvenient.
Who would survive a fight with the Balrog would be a different question. If the Balrog gets even moderately lucky, I'd say all of them might die in the process of doing him in. The incredible thing about Gandalf was not that he defeated the Balrog, but that Mandos (the Vala in charge of the dead) let him go afterwards. I guess if Manwe says "jump", even Mandos asks "how high?". Then again, perhaps Maia can't really die at all (the corollary here being that Sauron and Saruman didn't die either)!