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and they are fair and gallant as Elven-lords
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Well, I would read that as implying that they are being compared to Elf-lords, which implies that they are not, in fact, Elf-lords.
On Rubenesque heroines- I doubt it. One of T's favorite adjectives for good-lookin' wimmen, besides "fair," is "slender:" Goldberry, Galadriel, Eowyn and p'raps others all get the label. And Luthien is "lissome", which can be taken as the antonym of "hippo."