Very nice one skip!
Alfirin, no disagreement from me re orcs and goblins.
'Hob' appears in all sorts of folklore monster-type names etc
http://en.wikipedia.org/wiki/Hob_(folklore) (also see disambiguation page), and 'hobbledehoy'
http://www.worldwidewords.org/weirdwords/ww-hob1.htm for an ungraceful man, also 'Old Hob' referring to the devil.
I'm surprised JRRT never analysed the philology, maybe he did!