This is a great topic. The first character that comes to my mind is Boromir, and in his situation I would definitely say it was honor above life. Obviously the reason for this is because he gave his life defending Merry and Pippin after trying to take the Ring from Frodo.
For other characters or races as a whole like you mentioned, it might be more complex. I believe Gandalf would value life over honor. His main purpose in life was to make sure good was always there to counteract evil and to suppress it. I would think that Gandalf cared little for honor. I believe Gandalf fought the Balrog not to save his own life, but to save the lives and safety of The Fellowship.
I believe that as a whole, both Gondorians and Eorlingas would choose honor over life.
Hobbits? This could be good. It's late, so I need to think this one out before saying much. I think you can say a great deal about Frodo, Sam, Merry, and Pippin individually. Bilbo as well.
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