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Yes, I would echo Cirdan and say that Melkor was way too focused to be bipolar. Beside the fact that bipolar disorder as far as I know can't be boiled down to mood swings or simply being at one or other end of a spectrum of 'feeling'...
Where I guess you could also go with this is what personality traits were meant to emphasize his evilness? And then...oh no, on to shaky territory, talking about what the author intended...what traits did Tolkien associate with evilness? I don't think Tolkien was the type to sit down and sympathize with his evil Maiar, though...
Or simply, evil is insanity. And obviously insanity doesn't equal having some sort(s) of disorder(s) -- but the idea of insanity. Mythical and literary insanity rather than psychological and technical. It is everything that is not right.
(But actually I don't think Charlie Sheen is too bad of a comparison since I think he is quite purposeful in his insanity, both the feigned and real.)
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