Lots of ands there, yup.
The only problem I have with the "beguiling sleepy travelers" notion is that the "phantom" never speaks. If the power of his voice is being used, then he had to add the "post-hypnotic suggestion" that they never heard him. And if that is the case, then why not just make them think he was never there at all?
A very odd little moment. Maybe it was an illusion sent by the Valar to remind let the hunters know they were soon to encounter someone unexpected. Nah, too many interference problems there, too. *sigh*