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Re: hmm...
"I would draw some of the great tales in fullness, and leave many only placed in the scheme, and sketched. The cycles should be linked to a majestic whole, and yet leave scope for other minds and hands, wielding paint and music and drama."
--J.R.R. Tolkien (Letter #131)
This lore-seeking/speculation is needed so that "other minds and hands" will do well with what they fashion. I believe that this is the primary good served by these exercises (at least from the perspective of "what is good for Middle-earth"

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It is, of course, also a "game" and an entertainment in it's own right.
Intellectual games of this sort can enhance creativity, logic, and the various skills of the studious. Not too mention provide a certain sense of identity, community, and companionship.
But, moderation in all things...
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