So
The Halfling
The Dwarfs would be looking for a Karak in the Pale sisters. (Made up one, do not want to prevoke an actual attempt at retaking by a small band of dwarfs.)
The Asrai of Athel Loren would be the elf's in this case, and should be played a lot scarier then In the hobbit if that's the case. (But somehow make it clear that the Enoir are not as batshit crazy as the Asrai, like the grey wizard going 'take care, the wood elf's of Athel Loren are not as responsible as those of Lothern, for they are not far in mind and soul from the spirts they have bond themselves to.)
Bilbo should not be referred to as a theif, as that's an actual stereotype In Setting.
The humans can be Knightlanders. with Bron being knighted for slaying a dragon.
The goblins can stay goblins
The troll can be a group of Ogres, because trolls won't capture anyone. But instead of stone the grey wizard would trick them into fight each other.