Fordim, if there is nothing else in a text to support such esoteric or recondite use of names, then I would argue that the use of such names alone reflects weak writing. There ought to be other signifiers in the text which support that reference, so that a constellation of techniques works towards our understanding of character. The philological meaning or derivation of names is thus one aspect out of many which helps reader appreciate character traits. They make our reading experience richer, but they are not, in a good writer, the sole support for characterisation.
A hidden or secret meaning whick is not supported by other aspects of the text would be rather gnostic, don't you think?
Aiwendil, you are quite right to point out that fanfics cannot be part of Tolkien's 'canon.' They can, however, be 'canonical' or not depending on how they reflect his sensibility and sympathies. I was thinking as someone here who helps young writers learn how to distinguish between "Tolkien elves" and the garden variety type.