I think he'll die, but I don't think Blackbeard will kill him.
As of now, is there really any reason for him to? If he wants territory, he'd go after the other yonkou first; Shanks has barely any, if any at all. Besides, if Oda tried a "Take ova da WHOOOOLE WOOOOOOOORLD" plot to end the story with, that would be dumb and cliche.
I also don't think it would be to directly save Luffy. Luffy already lost Ace that way, and already had his "I'M WEEEEEEEAK" revelation. Doing it again wouldn't have the same impact, and it would be too close to the end for Luffy to have another timeskip training montage.
Usopp needs to meet Yasopp, so we know Luffy'll meet Shanks at least once more (but Shanks'll probably tell him to keep the hat so he can pass it onto the next pirate generation).
I think sometime after, something will happen to cause Shanks to give himself up to the marines. He'll get executed like Roger did (which, from our perspective, could save Luffy from the "meaningful echo" too).
I have to wonder how Luffy would react, though. He's not the type to go after REVEEEEENGE, but he definitely wouldn't be unaffected. An interesting thing about the One Piece world, though, is that unlike many works of fiction at this scale, it doesn't revolve around the main character. It won't make him bust down the World Government, but it wouldn't do anything so little as just "giving him another push for him to find one piece!!!".
@Clessenur:
If he does die, I really want to see Buggy cry.
Yes. I wanna see this.
@DARK_RITUAL:
Yes Luffy vs BB should be about the title of pirate king not about revenge.
The problem with that is that BB's done too much shit for it to be just a fight for the title of Pirate King. Could it make sense from Luffy's point of view? Sure. But there readers sure aren't gonna be satisfied.