The one reservation about Bullseye that I have tends to be that he demonstrates how effective a villain he is by fridging women to the point it's a running gag. Bullseye being the physical manifestation of the Cartwright Curse is a long-lost staple of the character.
That said, I doubt they'll kill off Karen. Karen still has a lot of value to the show. Her backstory still a complete mystery, and she hasn't yet come clean with Matt about killing Wesley. Her connection with Frank was for the most part, well-received on The Punisher. Now that she's in the Ben Urich role, shes also a proxy for the public-at-large towards whatever Daredevil is doing, and I still believe that Karen and Matt have relationship issues that need to be resolved.
Im not at liberty to tell which characters are expendable, but I personally believe there are a few other characters who could be killed off with maximum impact, while not disrupting the main trio. In my opinion, there are three characters besides Matt that I believe will be safe: Karen, Foggy, and Marci. I'm more inclined to believe they'll kill off Father Lantom, since he's a minor character that's well-treasured by the audience whenever he pops up, and his role has been greatly diminished as more people in Matt's inner circle have become aware of Matt's identity and taken over the advisor role. They may also/alternately kill Matt's mom, since that's a classic superhero trope. There are some IMDb credits right now for episode 11 for "Panicked Parishioners", suggesting a big fight scene happening in a church, which is where my suspicion that Father Lantom and/or Sister Maggie might bite it comes from.
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