Sauron- the lung cap is to me less significant than the 125% of 'normal' blood volume, which implies accelerated liver function and faster glycogen transfer to the muscles; it might also be the case that lembas is some sort of ultra-carb supplement as well. There may be faster filtering of lactic acid buildup as well.
In any event, the Hunters aren't moving at a marathon pace; that's objective given the time and distance, and no reason to think that they'd be burning calories at such a rate as to hit the energy wall at 20 miles.
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The entire plot of The Lord of the Rings could be said to turn on what Sauron didn’t know, and when he didn’t know it.
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