Personally, of all the new characters and concepts and plot (presumably - because again, this is speculation) introduced by the show, I find the hobbits / Harfeet least disturbing. Why? Because I see a way for them to remain a sort of small side reference without turning the whole thing into
Morthoron's worst nightmare.
I can totally see them being side characters, whose main goal in the story is to
stay out of sight - which they would end up doing with success but not without struggle. I don't insist on precisely sticking to the letter of the law, and I allow fanfiction to indulge its fancy, so long as the foundation of the world is not overturned by it. Treat it as headcanon.
I have much less faith in equally wholesome headcanon for the named canonical characters. Galadriel in particular. I think that if anything will disrupt the tranquility of my anticipation of the show, it will be her storyline. (I mean, it's a zen born largely of indifference, but now they're pushing things into it that I
do care about, so it makes sense).