Or if Kreia lied about how bad the effects of the Force bond were... Good means of forcing the Exile to have her along, and Kriea is a serial liar throughout the entire game.
Not good enough for me. If the Exile collapses in agony when Kreia gets her hand cut off, then it follows that Kreia dying would probably kill her, too (and if we want to get lawerly, I know of at least one other instance
of the exact thing happening in the EU, in the instance of a bond arguably weaker
than Kreia's and Exile's).
Even if we give Kreia the benefit of the liar's license and concede the lethality as such, it's still not handled well in the story itself. To my knowledge, the bond is never even mentioned again in the game after the Exile defeats Atris - cut content or otherwise. I should think that the confrontation with Darth Traya would be a good time to bring it up again. It's like the writers just plain forgot about it.
(Branch warning) Now that I think about it, the story has a lot of elements that one would think indicate a very different set of endings. The Exile and Malachor are both wounds in the Force that are said (well, sorta) can kill it and everyone who hears it (which depending on your interpretation means either a fraction of the universe's population or the totality of it), the Ebon Hawk crashes and then falls down a chasm on Malachor (arguably making its return at the end a deus ex machina/asspull), and there's a 50/50 chance of the planet being destroyed. It seems to me then that the Exile's choice would be to let herself and the party die in order to remove the wounds in the Force, or leave/stay and let the wounds remain, potentially causing an incalculable number of deaths.