Is Elevenses good?
This fellowship is designed around the card Elevenses. The hobbit deck uses Hobbit Pipe and Hobbit Pony to get the most out of Elevenses. When used in combination with those cards you lose no willpower to the quest while you reduce your threat and draw cards. See the description in that deck for more detail.
Use the hobbit deck to quest hard and play some big allies.
Use the other deck to do some questing, but mainly defend and kill things.
I took down the Thing in the Depths with this fellowship even after I lost Merry to a shadow effect that removed the defending character.
In your opening hand for the hobbits you want to see Pipes, ponies, and secrecy allies. Bilbo Baggins can find pipes, Westfold Horse-Breaker can find ponies. Once you get them mounted and smoking you can start using your threat reduction events. In the opening hand for the other deck you want a weapon and some of Beregond's toys. An early Master of the Forge can really help you dig for all the attachments you need. This is a really solid pairing of decks that gets off the ground very quickly. enjoy!