[Saurreg]

But when all was spoken, Manwë gave judgement,and he said: "In this matter the power of doom is given to me. The perils that he ventured for the love of the Two Kindred shall not fall upon Eärendil, nor shall it fall upon Elwing his wife, who entered into peril for love for him; but they shall not again ever walk among elves and men in the Outer Lands. And this is my decree concerning them: to Eärendil and to Elwing, and to their sons, shall be given leave each to choose freely which kindred their fates shall be joined, and under which kindred they shall be judged."

-Of the Voyage of Eärendil, The Silmarillion

I hereby stand by my "speculation".