It's already making rounds in Mono-Red lists in pioneer, Mardu Vampire decks in modern, Boros and Rakdos aggro decks in standard, and a bunch of similar archetypes in commander
Commandeer and Subtelty are not always seen in CEDH
The more likely option, then, is a Secret Lair drop featuring just a handful of new Hobbit-inspired cards along with some popular older cards re-skinned with LOTR-themed art
For example, Nicol Bolas the Ravager will exile himself and return to the battlefield transformed into Nicol Bolas, the Arisen by paying four generic, one blue, one black, and one red mana
Do enough of this and you just have your typical traditional token deck
ANCIENT ADAMANTOISE Hard to remove, protects you and your board from damage, and drops treasures when it dies