Some time ago, I wrote a concept concerning Bilbo:
https://modding-union.com/index.php/topic,14783.msg361185.html#msg361185Now, I'd like to try and bring back one of it's core features: Bilbo's ring mechanic. In effect, this would mean that Bilbo, uniquely, is able to let go of the ring again. It would be particularly useful with the system as it is now; if you happen to get the Ring in the early to mid game, you can use cheap Bilbo to pick it up before the Ring disappears again. Then you can enjoy the (comparatively small) advantages Ring Bilbo gives you, until you can give it to a pricier, more powerful hero (Thorin/Dain/King Dain).
For specifics concerning Ring Bilbo's abilities you can habe a look at the linked concept (it's in german, though). I am greatly anticipating any ideas from you in that area.