People live for years and years with emphysema, it's not nice but if your grandma is looked after, gets the medication she needs, plus tries to keep active and get regular proper exercise then she should enjoy an almost normal life.
A lung transplant is most likely out of the question, first of all you've got to be fit enough to survive the operation . . . !
Make sure she gets a nebuliser, home oxygen and that her doctors keep up to date with her treatment and her progress.
Plus a little love from family goes a long, long way in helping people cope and enjoy life.