`Orc` is used in Beowulf too, I think.
And the Hobbit-rabbit links been done to death.
I think the closest we have in Mythology to Hobbits would be the Domestic Brownie. Tolkien said that in old times the Hobbits lived along side big folk for protection (Bree as opposed to the Shire)
But I dont like his use of myth. He really marmalises them (probably knew better too.)
Look at his Woses. (Another of his degenerate societies, no one thrives in Middle earth...except maybe hobbits.) We know woses, well, of course we know woses...
(But our true wildman is often confounded with an evasive primitive tribe)
And his elves....Shesh!
But one thing he does get right about Elves, his rate their metalworkers very highly. And we know from Katharine Briggs that elcves certainly did work metal, iron even, though they regarded smiths as magicians.