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Tolkien used the term fay when he was describing the lesser ainur that were part of the hosts of the different Valar in BoLT. Tolkien also used the terms pixies, brownies, & leprawns among others. Throughout the rest of BoLT, he uses the term almost exclusively when describing proto-maiar, with the exception of Luthien, who was herself daughter of one such fay. So I think it is fair to say that if Tu/Tuvo would have eventually made it into the the later versions, he would have been a maia.
In the Silmarillion, the use of the word fey, to me, means that Fëanor was under a spell of madness.
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