Yeah, I don't think Murandy has enough manpower to cause real damage.

If, however, they use the Ways to bring in Shadowspawn armies, that's a different story.

What makes me doubt Demandred is Roedran is that Roedran required Mat's BotRH and other Mercs to gain power. No other FS really required that (aside from Rahvin, but that's because of Morgase).

No, I think it's more likely that he is behind the Sea Folk, who have been split lately, or the remaining Aiel in the waste. Those are the only two parties who are spread enough to "gather for war".