I guess it depends on how one looks at it, as Quenya could be said to be 'dead' in a sense...
Quote:
'At the time of the L. R. (see II 106) Quenya had been a 'dead' [language] (sc. one not inherited by childhood, but learnt) for many centuries (act. about 6,000 years).'
JRRT, Letters
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Sojourning back to Frodo's day, the language one would want to learn is Sindarin, for everyday speech anyway. There were Quenya speakers, but 'regular chatting' with even Galadriel would be in a form of Sindarin...
... though maybe if a mortal wanted to impress her (if time travel wasn't enough!), toss in a bit of High Elven!