[Nogrod]

Now why is there all this talk about Bill's options?

I could bet on it that through all this discussion at least some are trying to give hints to each other eg. at least Bill or / and a ringwraith are included in the speculation - trying to kind of hint at the other party of the conspiracy who they are...

Even if Bill is powerless right NOW the wraiths would not like to kill someone who is favourable to their cause accidentally in the beginning as that partnership could be worth gold in the endgame. So even if the wraiths are after Frodo and Butterbur as their first targets, they'd sure like to know the identity of Bill Ferny as well just as to make no bad moves during the first Nights.