Lembas

[Fordim Hedgethistle]

Well, I don't know how relevant or helpful this might be but it's what I was able to uncover:

lem is a form of the Old English word leam which means, "light, flame; a flash, ray, or gleam of light; brightness, gleam."

bas is an archaic (Middle-English, like in Chaucer or Gawain) form of base. In the earliest uses of the word, the moral or social connotations were not at play (that is, people were not of "base" birth, bad behaviour was not considered "base"). Instead, it meant simply that something was low or close to the ground (earth?).

So how's this: lem+bas = a gleam of light or flame that is close to the earth?

This would make sense insofar as lembas is a form of Elvish magic, but it is also bread: what could be more homey than that?

(I just love the Oxford English Dictionary.)