Well I just took her on at 36 and it was tough fight, It took 3 attempts trying different strategies for me to defeat her.
By about the middle of the battle all I had left was my stack of shamans, everything else was dead, so I stoneskinned them and sat them in a corner, throwing out the occasional Dragondive and totem/deadly axes. It took a long while but eventually the enemy died thanks mostly to a volcano on the map which kindly kept blowing up the enemy each turn!
In the end I was reduced to about 40 Shamans and nothing else!
Result was I did get my Belt of the Victor, as well as a spiffy looking item which allows 20% more red dragons.
Downside is my army of mostly level 5's is annihilated so I wlll have to go search out new troops to form a new army. Either that or I try again with a different strategy that keeps a few more troops alive. Those orcs of hers really were brutal though!
Daniel.