You are quite at liberty to revise “The Cottage of Lost Play” for non-commercial reasons, as far as I am concerned.
But basically trying to ‘update’ Tolkien’s Qenya and Gnomish appears to me to be futile. We do not even know what Tolkien intended most of the names to mean and therefore have no way of deciding whether those names even need translating. If by “updating” you mean, what would Tolkien have updated these names to if he were updating them in 1971 and wished them to appear in 1971 Quenya and 1971 Sindarin, then the answers you have been given seem to me to be all you will get: nobody no matter how great their linguistic knowledge knows or could reasonably guess how Tolkien would have updated the names, save for the Tolkien of 1971.
As Orphalesion has indicated (
http://forum.barrowdowns.com/showpos...46&postcount=8) Tolkien would probably have replaced the name of Lindo’s wife Vairë by some other name, because giving her the same name as one of the Valier would have seemed disrespectful. Which other name? I don’t know, nor does anyone I believe.
Tolkien writes in “The Cottage of Lost Play” that Littleheart “sailed in Wingilot with Eärendel in that last voyage wherein they sought for Kôr.”
Yet in Tolkien’s last-written full account of Eärendil’s voyage to Tirion his mariner companions in Vingilot are named as Falathar, Airandir, and Erellont and it is implied that all three are Men, not Elves.
Tolkien writes in
The Book of Lost Tales Part II (HoME 2), page 148:
Here is set forth by Eriol at the teaching of Bronweg’s son Elfrith [emended from Elfrinniel] or Littleheart (and he was so named for the youth and wonder of his heart) ….
Christopher Tolkien writes on page 201, “this is the only place where the meaning of the name ‘Littleheart’ is explained.”