Hobbits?

[Inziladun]

Tuor in Gondolin

As far as wild speculation goes, how about the
elusive Blue Wizards exerting some protective
care and cautionary warnings to stayin the area
of middle Middle-earth until Second Age dustups had
been resolved?

I'm afraid I don't see any connection between the Blue Wizards and Hobbits, but at any rate the Istari were not present in ME during the Second Age. It wasn't until approximately 1000 years of the Third Age had passed that they arrived.
Also, the actions of the Blue were pretty much a mystery, and I'm not sure what you refer to by "protective care" and "cautionary warnings".