Child, you are eloquent, and thorough, and persuasive.
But if Balrogs were so groundbound, then why didn't Frodo (and the rest of the fellowship) just look at Gimli and say, "In the air?"
They had just as much reason to guess "Black Rider" as they did to guess "balrog". The reason they didn't guess "Nazgul" first is that they had no reason to suspect a Nazgul could fly; they'd always been on the ground before.
All the falling-from-mountainside arguments don't convince me. There are large birds that can fly, but need room, headwind and some luck to get off of the ground. (Canadian geese; swans.)
EDIT
You know, thirty years later, and here I am. Balrogs? I feel like a lounge-lizard. I can't believe I got sucked into this.
Wings, I tell you. Wings.
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...down to the water to see the elves dance and sing upon the midsummer's eve.
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