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Granted that Gandalf's situation was more cosmic in scope as compared to the battle of Maldon. Did the Maldon English think so? Do recall that this was close to 1000 A.D. and all Medievals were expecting the end of the world in that year, and the Viking, Moslem and Magyar raids from North, South, and East, seemed pretty cosmic to them. Be that as it may, perhaps this was Tolkien's first opportunity within the story of LotR to present any kind of commentary on Maldon (not that it was necessarily so prominent in his mind in the heat of first draft, but I can certainly imagine his niggling mind noticing the similarities in the editing process).
Anyway, it seems to me that Gandalf had a few options. He could flee or stand and fight. The Balrog was out of the others' league, so gamely heroism was not an option; also it was outside of the character of Gandalf to go for the chivalric ideal and give the Balrog "a fighting chance". What might have happened if he had fled instead?
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