The problem with trying to merge the "Numenorean" and "Bilbo" theories is simply this: if we want to postulate Bilbo as the vector for garbled Mannish traditions, it's very difficult to imagine that he would not have been told, or already know, that they were bullsh!t: by Elrond, by Glorfindel, by Gandalf, by who knows who else resident in or visiting Rivendell, house of loremasters.
After all, Glorfindel had
walked across the Helcaraxe, at least according to the only version of the mythos we have; certainly he would have been in a position to tell Bilbo whether the world was round or flat in the Elder Days!
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Between the first and second editions, in The Adventures of Tom Bombadil, it seems we can have lore reaching Rivendell from the South, and we have the Numenorean tale of Turin and Mim. And in the second edition, Tolkien adds references to suggest that Bilbo's translations from the Elvish (language) include First Age material. Compare to the First Edition, Appendix A:
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"Thus the Red Book contained many annals, genealogies, and traditions of the realms of the South and the North, derived through Bilbo from the books of lore in Rivendell; or through Frodo and Peregrin from the King himself, and from the records of Gondor that he opened to them: such as The Book of the Kings, The Book of the Stewards, and the Akallabeth (that is, The Downfall of Numenor). From Gimli..."
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Well, I read that passage to mean that material on Gondorian history, as well as the "southern" Gondorian poems, were added by Pippin after Frodo and Bilbo's departure, and were separate from Bilbo's First Age work compiled in Elrond's house from Northern sources. And other parts of later rescensions of the Red Book were added by other hobbits down the generations, including some of the Bombadil poems etc. One of these was apparently influenced by the "Numenorean tale of Mim and the dragon," apparently a different text than Dirhavel's
Narn (which wasn't Numenorean). That could have come either from Gondor by way of Piuppin or Arnor by way of Bilbo, there's no way to tell.
But I think we can discount any notion of Gondorian texts influencing Bilbo's work, since Pippin's research trips to Minas Tirith took place after Bilbo had taken ship.