[Hammerhand]

Because of the amount of conflicting arguments i think you'd struggle to make a list as such. On the one you've made, i think Tom Bombadil would be suited to a place in the top few, i've read a number of interesting debates about his true identity. I'll draw a list of what i think, using the characters you have. Even though, Morgoth doesn't really come into LotR. I really like Boromir88's additional thought of Cirdan; i think maybe Gil-Galad and Celeborn are also worth noting.

1. Morgoth
2. Sauron
3. Tom Bombadil
4. Gandalf the White
5. Saruman the White
6. Glorfindel
7. Elrond
8. Galadriel
9. Elendil
10. Isildur
11. Witch King

and with the additional characters:

1. Morgoth
2. Sauron
3. Tom Bombadil
4. Gandalf the White
5. Saruman the White
6. Glorfindel
7. Elrond
8. Gil-Galad
9. Galadriel
10. Cirdan
11. Celeborn
12. Elendil
13. Isildur
14. Witch King