[Sherman Logan]

Elrond is a much younger character in the Hobbit and can be played by someone else.

Right. 5960 or so instead of 6000.

That's gonna make a big difference.

Same applies to Gandalf, Arwen, etc.

[Immerito]

Yep, although hopefully Arwen won’t make an appearance in the Hobbit movie; she is supposed to be in Lothlorien at the time.

We’ll see if Legolas makes a cameo appearance in the Mirkwood scenes.