Well...
Given that the reason for Michiru's despair was the truth about magical girls becoming witches I think she would survive rather fine.
That of course if they don't pull out a Sayaka on her.
I think that in Madokami's universe Michiru will still be alive whereas Nico will be dead (so that Hajiri never finds the true and freaks out) and Airi will be a new Pleiade (Yuuri would still die because of exhaustion).
Bonus points if Madoka sends them to save Homura from the demon army.
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