Think about it. The professor is already dead. His son has already ravaged his whole house for his writings and artwork on Arda. Unless there was some secret archive Tolkien purposely buried or made invisible, a big work like the Hobbit would have been found a long time ago.
New such as that would have spread like wildfire through literary circles throughout the world in record time, of that you may be sure.
How very odd. Danny Devito's memoirs......... :) you are probably right.
The Hobbit 2 would probably be about a Dwarf named Balgo and is confronted by 13 Hobbits to reclaim their precious pipeweed which was stolen from them by a devious Weed-Addicted Dragon called Smokey.........
That does not sound half bad. I am longing to read something Hobbitish, something new and exciting about now. Any chance any one of your are mostly finished a new novel about a different strain of Hobbit and will have it in print soon?