I think it will change flavor according to the participants of the moment, and that will be part of the fun.
Standards of fair combat (and RPG'ing) will still apply as between gentlemen (cough cough) and as they have in party threads in the past: for instance, no overt character hijacking.
If you are facing an earnest duel with a Balrog of Morgoth, for instance, one might make the effort to procure some genuine MarySue Armor or Mithril Undergarments (ooo, c-c-cold!) A magic horn or a cute pet dragon could come in handy. No Uzzi's. No Tanks. But downs-trained Trolls might be permitted.
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...down to the water to see the elves dance and sing upon the midsummer's eve.
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