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You really think any of them were high enough level to take on that Balrog? He was looking out for them! No group XP in LotR, otherwise Gandalf could have spent a few days powerleveling them beforehand.
Also they were on similar level, Gandalf and the balrog, it's a boss enemy he'd be on fairly equal footing if he was allowed to be his full divine abilities. The rest may have been able to take it on if they were willing to die, since I believe that's the only way that balrogs were killed in the past by great elf warriors.
No rezzes in LotR (unless you're a Maia like Gandalf), so definitely not worth it. The quest was too important!
Technically the elves can come back, they usually just don't want to.
I'm fairly sure that this is technically true, but basically only because Tolkien accidentally named two different characters Glorfindel and decided to explain it away.
My favorite is how Fëanor was such a shitty little kid that his mom asked the gods to invent death so she could get some sleep.