Reminds me of something I learned last week when I was thinking about how the Harry Potter goblins are (probably unintentionally) built from second-hand racist stereotypes. Apparently the Dwarves of Middle Earth represent Jewish faith and the Elves Christian. During the writing of The Hobbit, Tolkien was influenced by the anti-Jewish sentiment and there's a few questionable throw away lines about the warlike treasure hoarding Dwarves. Between The Hobbit and LOTR though, with an intense hatred of Hitler and having a brief and intensely close relationship with a Jewish friend he realized the error of his ways - showing the Dwarves in more positive light and making the Dwarves and Elves work together a key part of the story. Some say he was inverting the stereotypes of Wagners Ring and intentionally highlighting positive stereotypes.
This isn't entirely conjecture or revisionist analysis of the text either - he talked about how the Dwarfish language was intentionally Semite and indeed it has a Hebrew-like qualities.
So in a sense, "The Last Ring Bearer" isn't a unique idea - you can argue that Middle Earth of LOTR itself is a reinterpretation of the Middle Earth of The Hobbit.