As a relatively complete aside, and in strong contrast to the reasoned discussions on Bilbo's Elendil poem, I'll toss this out. Given the Elf songs in The Hobbit, I found myself wondering if something akin to this might have run through the minds of some in Bilbo's audience.
Cheeky Bilbo, you’re the one
You make Elendil so much fun
Cheeky Bilbo, we’re still so fond of you
Tra la la lolly ooh!
Cheeky Bilbo, mortal dude
We don’t think your song was rude
Cheeky Bilbo, you’re an elf-friend, ’tis true!
Cannot tell which mortal words
Came from either mortal herds
Still we liked your poem a lot
Even though it’s Elvish not
Tra la lolly
Tra la la lolly ooh!