The arguments for Tom being Sauron are interesting, but a different interpretation would probably be warranted in this case. Sauron really would not have been in much danger on the way south, as the Nazgul would have protected him adequately. No, Tom probably represents someone else, close to Sauron but not quite.
Let's look at the facts:
-Unaffected by the Ring but not interested in it
-Trying very hard to seem unnoticed
-Does not really fit in with the rest of the world
-Mysterious origins that he does not want to talk about
-Helps Frodo on his way
-Has power over the Barrow-Wight, along with other mysterious abilities
All this seems to show that Tom is trying very hard to hide his true nature and powers and to keep well out of the way of anyone until the time is right. Therefore, I propose that Tom is really Morgoth. If anyone were to learn that he had escaped from the Void, the Valar would soon come and lock him up again. So he pretends to be a good person and hides much of his power. He does not have access to his former resources, and knows that Sauron, now interested only in himself, would betray him if he asked for help. Morgoth needs to get Sauron out of the way and then assume command of the armies of Mordor before starting a new reign of darkness. That is why he allows Frodo to continue safely on his way with the Ring.
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