As an Alabama resident, I can say that Democrats could foreseeably pick up Alabama's senate seat if Shelby loses to a Tea Party challenger, a distinct possibility. However, even then this Tea Party challenger would have to be exceptionally gaffe-prone (think Todd Akin on steroids) and weak, Hillary would need to have a relatively strong showing in the state, Black turnout would need to be exceptionally high, and the Democrat's nominee would have to be a very conservative, white, and not named Parker Griffith, as well as capable of winning really (atlas) blue parts of the state. Bobby Bright is the only Dem I could think of who could win if Shelby falls in a primary.
Why would the Tea Party primary Shelby? Though I guess it wouldn't be too surprising, considering they primaried Pat Roberts for no reason.