At least with regards to the names of the Valar, I see no reason to update them (Tolkien never did), just ascribe them to Valarin. "Vaire" can be taken as a naming in honor of the Valie: Michael is a common name in the Anglosphere but certainly isn't Anglo-Saxon!
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The entire plot of The Lord of the Rings could be said to turn on what Sauron didn’t know, and when he didn’t know it.
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