Bombadill as essentially a vala, that's an interesting idea.
I have always felt it's a bit strange that there are eight male and 7 female vala (Melkor was male right)
Maybe Melkor was to be "The king" and below him it should be 7-7. In this case Bombadil Should not be a vala.
Maybe it is one of the already known Vala, perhaps Yavanna, dwelling in middle earth.
Once upon a time Oröme lived in ME with the elves, so I don't think it's entirely impossible.
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And with that he lifted high his sword and flames ran down the blade
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