In the grand scheme of things, Hobbits are Men. Both belong to the Second People. They are the Younger Children of Illúvatar. They share the same fate: differences between them are cosmetic only. In my opinion Hobbits are not mentioned in the Silmarillion because Elves couldn't really tell the difference between all the different races of Men.
So if the Valar wanted to send the Istari on Middle-Earth under the appearance of old Men, the Wizards could have been Hobbits and that wouldn't have made much of a difference.
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"It was only a glimpse then, but you might have caught the glimpse, if you had ever thought it worthwhile to try."
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