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Just on the point of reading CoH 'in the context of' the Legendarium, & supplying the missing 'hope' either via the ultimate victory over Morgoth at the end of the First Age, over Sauron at the end of the Third, or in terms of the Prophecy & Turin's ultimate defeat of Morgoth – it seems to me that the problem with that is that it reduces CoH to 'more of the same'. The vision is the same as in LotR – there is darkness that is ultimately defeated & good wins out. From that point of view CoH is unnecessary & tells us nothing new.
However, CoH as a story without ultimate hope, where the hero is destroyed by a fate he cannot understand or hope to conquer (he hopes, but his hope actually betrays him), it seems to me is something unique from the pen of Tolkien & shouldn't be seen as merely a part of something else. To bring hope from the wider Legendarium is in a way to cheapen the tragedy – as if it was to turn out that Niniel wasn't really Nienor, that it was just a case of mistaken identity, & to have her turn up at the end with Hurin & Morwen after the death of Glaurung & to even have Niniel have fallen onto a ledge just below the precipice, so that everyone could live happily ever after. That would be a perfect Eucatastrophe, revealing a light & joy beyond the walls of the world, & make the tragedy more palatable. For Tolkien to deliberately miss out any hope or joy from the story is more than an interesting curiosity. As I said, we may wish that the world was like LotR, we may even believe that in the end it will be, that there will be an ultimate victory of good over evil, but what we know (after the Somme, Auschwitz, Hiroshima, 9/11, after all the personal tragedies we live through) is that the world is more like the one we see in CoH. We are more like Turin than Frodo.
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