In this political climate, I don't believe the Senate will give Obama another Justice. They will turn down anyone he appoints and wait it out...
Certainly possible, but it would be highly unusual for them to "wait it out" for 11 months. Someone on Reddit compiled approximate lengths between presidential justice nominations and completion of the confirmation process:
Kagan: 3 months
Sotomayor: 2 months
Alito: 2 months
Meirs: withdrawn same month
Roberts: 1 month
Breyer: 2 months
Ginsburg: 2 months
Thomas: 3 months
Souter: 3 months
Kennedy: 3 months
Bork: 3 months (rejected 1987)
Scalia: 3 months
Rehnquist: 3 months
Given that over the past 30 years, the time has been nearly universally 2-3 months, and rejections have been rare (once, Bork, 1987), I'll reiterate that it would be highly unusual for the Republican-led congress to stall for nearly a year (it would also do a disservice to the judiciary since the Supreme Court would likely issue a lot of 4-4 ties, which confirm the lower court's rulings, but don't formally address the constitutional questions).
Certainly Obama would need to be sensitive to concerns about balance on the court, and would have to nominate someone with a moderate or moderate-conservative portfolio of judgments. However, assuming he does so, it seems that the nominee should be confirmed.
One possibility is that an older moderate-conservative nominee could be made, with the expectation that they would step down in the next 4-8 years. This would preserve the court's functionality but still allow the future president to make a more-permanent replacement. Someone in that vein might be Judge Richard Posner, age 77, appointed to the US Court of Appeals (7th circuit) by Reagan in 1981. His legal opinions have been mostly conservative, but he also has given some more liberal ones in the areas such as abortion and same-sex marriage.