Shasta, you're an Aquarius, correct?
Even showing up as late as I did, I almost had the opportunity to make my point about Mr. Underhill before anyone else, but then Nog had to go and mess it up for me. Eh. Revealing may be the best thing Frodo can do for the village. If we know who he is, as soon as a kill is missed (Frodo is changed) we can lynch him. Also, there is no incentive for a baddie to falsely reveal as Frodo, since changing the real Frodo will get the false Frodo lynched. Maybe he could serve as a known innocent of sorts? Nevertheless, it's up to the ringbearer.
On the other hand, if Bill Ferny doesn't count as a baddie in the head count, he is really no more powerful than a cobbler who has the ability to clue the wolves in to his own identity. This gives us some hope of catching him, as well as the wolves, since, knowing no more than any ordinary villager, the most he can realistically do is use daytime hints in addition to his nighttime messages to help the wolves find him.
By the way, I'm a Pisces (a real one).
EDIT: X'd with the whole page and God only knows what else. By the way, I'm a fan of the gender-neutral pronouns, myself, but since we have a built-in gender for our gifted characters in this game, I went with that.