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a possible theory

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richfiles
The End wasn't The End - Found a new home after the great exodus of 2012

Aaaaaand No!
 
LOL! Dat 8 minute spoiler showed you…
 
Still…
 
Everypony loves Emerald Ray… I think he has a TV show or something? XD
Background Pony #2DC3
I wouldn’t doubt it to be a new romance, the pass and fail thing could just be her trying to say without telling Spike directly if this relationship will make it (pass) through or end in disaster. (fail)
Latte123
The End wasn't The End - Found a new home after the great exodus of 2012

Sure, Twi definitely has a love interest.  
It darn right ain’t Emerald, tho’…  
It’s more likely to be a mare, probably a unicorn, don’tcha think?
PikaRobo
Pixel Perfection - I still call her Lightning Bolt
Silly Pony - Celebrated the 13th anniversary of MLP:FIM, and 40 years of MLP!
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A Lovely Nightmare Night - Celebrated the 12th anniversary of MLP:FIM!
Kinship Through Differences - Celebrated the 11th anniversary of MLP:FIM!
Ten years of changes - Celebrated the 10th anniversary of MLP:FiM!
Birthday Cake - Celebrated MLP's 7th birthday
A Really Classy Artist - 250+ images under their artist tag
An Artist Who Rocks - 100+ images under their artist tag
Artist -

It’s probable, and it defiantly makes sense, but I doubt even the producers would put in a permanent love interest. I think the song is most likely about her helping with the Crystal Empire.