[Morsul the Dark]

I don't know how much the hobbits would be affected bu I DO have to wonder about how Gandalf himself would be affected. For all his friends and connection Gandalf is by his nature a loner never settling down anywhere for too long.

Also academically we'd have to look at Why Gandalf was raising the hobbits In Frodo's instance it might just mean Bilbo had died leaving only Gaandalf to care for him though it would be quite likely go live his cousins the Brandybucks meaning they too must have been removed somehow. Frodo would be quite the marose Hobbit.

Sam could conceivably be taken on as an Apprentice underGandalf though wizardry is more innate magic than applicable study so Sam would get the knowledge of pyrotechniques and flames. This may however also improve his Botany skills should he spend any time with "Uncle Radagast"

Merry and Pippin often inseperable would be taken on for their persistance on being Gandalf's pupils. both I think would mature along the same lines as before being from the other side of the river they tended to be more andventurous by nature.

Again though we have to go to why Bilbo isn't in the picture, this has scary ramifications for Middle Earth, did Gollum still have the ring hence Bilbo being caught and killed in Moria? Was he perchance struck dead by Thorin after the theft of the Arkenstone? Is the ring in the hordes of Dale?

And also with his 4 wards to care for how often would he be able to travel and make the meetings and plan the plans that need to be laid out in order to counter Sauron.

Honestly in the scenario I really only see Sam benifitting and tat only temporarily until Sauron gains enough powerto retake Middle Earth and search for the ring unimpeeded.