A Pauline Hanson win at this election would be akin to Clive Palmer's win in the 2013 federal.
Yes, in that they would both be delivered to Parliament on the back of Labor/Greens preferences.
As it stands, from what I can see, she has received more preferences than the LNP in all bar one booth, including four booths where she has received a majority of preferences (including exhausted votes). Every booth won by the LNP on a 2CP basis has been because of a high LNP primary vote and no thanks at all to Labor and Green voters and booth workers on the day.