A fine idea Hookbill and I think if we are to have a "Character Analysis" to be organized we would have to group people up.
As you say the first grouping could be the Fellowship. Then perhaps we could move to Rohan Characters, Feanor and his brothers, Dragons...etc wherever you want to go whatever you want to do. But, to make sure that we have an organized, focused analysis there should be some system of grouping.
And as Farael says I think dividing them into their races, though is groupings, it would just be too large, as there's sooo many elves and men, and hobbits...etc. The "groups" I think would work much better if they were more specified to a small amount of people (like say 9 as in the Fellowship), then other groupings could be the Elrond and his children, Feanor and his brothers...etc.
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Fenris Penguin
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