Interesting theory, doug*platypus. We know they did have that skill in Rivendell since Narsil was reforged into Anduril by smiths there and the blade of Anduril was covered in runes. It's plasable, but if that were the case I think we would have been told in some way. Like when Frodo receves Sting he would ask what the runes meant and Bilbo would explain it. I think, since we have no evidence to the contrary, we will just have to assume it did not have runes or that what they said will never be known.
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Christ is Risen!
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