I guess I agree that the original emendation was too free, but like Gondowe, I think the explanatory/philological nature of the passage from the Shibboleth disrupts the narrative too badly.
I would suggest:
Quote:
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In these days came to pass the fulfilment of the time of the desire of the Valar and the hope of the Eldalië, for in great love Idril bore to Tuor a son FG-TG-11.5 and he was called Eärendil, <Shibboleth 'sea-lover'>. FG-TG-12 {Now thereto there are many interpretations both among Elves and Men, but belike it was a name wrought of some secret tongue among the Gondothlim and that has perished with them from the dwellings of the Earth.}<Shibboleth He had this name as father-name, and as mother-name he was called Ardamírë,> <Shibboleth 'Jewel of the World'>
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I don't know that more information than that is needed. Perhaps a footnote could indicate that these names were Quenya, because that had been re-established as the daily speech of Turgon's household (though actually we should check carefully to make sure that no later note contradicts this). But I think that since we certainly cannot tell about Earendil's becoming a star here, it makes little sense to mangle the text just to get in the point that the names were prophetic.