If I remember correctly, JRRT wrote in The Hobbit that the Took's had fairy blood in them, accounting for the Tooks long life spans and sense of adventure. Nowhere else do I recall JRRT mentioning fairies of any kind. So, if faeries are taken to represent elves, some of the Hobbittish closeness with nature is explained.
Keep in mind, JRRT wrote the Hobbit based of of bedtime stories for his children and LOTR was written as a follow up to the Hobbit after the publishers requested a sequel.
It's just speculation on my part, but had JRRT written the Hobbit to fit in with the materials from the Silm from the start, then the the Took blood may have been written as being part elvish instead of fairy.
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