The Balrog as the Loathly Lady from medieval literature.

[Inziladun]

Originally Posted by William Cloud Hicklin

There is not a single thing in anything known about Tolkien's life or interests which suggests the least interest in numerology or any other occultist mumbo-jumbo (and he deplored those tendencies in Charles Williams).

That's the crux of the matter.

It's all well and good (for some, anyway) to parse the works of a deceased author in search of hidden signs and secret meanings.
With the lack of any evidence that said author ever would have intended to impart such things into his products, it's just the "investigator" reading his own inherent biases and beliefs into them.