There are many ways to benefit from this. I like those two :

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As others have pointed out this card is usually outclassed by other cards, but I actually used it to good effect recently on Shelob's Lair, in which you need to sustain multiple attacks per round. I had Staff of Lebethron equipped on Sam, and peeking with Dark Knowledge let me use it more efficiently.

This hero sat in my binder for a while after I got the repackaged Ered Mithrin expansion, but the other night I made a solo Dwarf Delving deck (delving: discarding cards from your own deck) the other night and played this Dáin Ironfoot in it, so now I can share my thoughts about him.

Dáin Ironfoot has two main uses that go well together. One is a repeatable source of deck-discarding on a hero, so you don't have to rely on drawing your delving cards like Zigil Miner or A Very Good Tale in order to try for your delving payoffs. The other is being a big tough defender, which is extremely useful in a Dwarf deck where most of your allies are really squishy. For both of these purposes, Dáin did remarkably well in my game! I was regularly defending against attacks of 6 or more turn after turn and suffering almost no damage, and with Will of the West played twice this game, I got at least six Hidden Caches and six Ered Luin Miners activated that game! Needless to say it was exciting.

However, there's a pretty significant drawback with Dáin, which is not what he lets you do but rather what he doesn't let you do: he doesn't let you (or anyone else at the table) run his version. This means in order to use the version, you have to give up on the version's massive and boost to all the Dwarves at the table if you plan on swarming with Dwarves. And because Dwarf decks naturally swarm the table with allies, it'll really make me think twice before choosing the version over the version. But I could see choosing the version in a dedicated delving deck if ALeP makes more cards that care about delving or if I really just need 6 on a hero.

Thorongil on him and all of a sudden, no downside whatsoever. —

A very good statline for an ally (2-2-2-3). With time to build up you can make im even better in the area you need most und (beside two rounds) no additional cost. A very nice new game-meachanic. In a mono-spirit deck the cost of 4 is affortable.

What would happen if the active location we´ve traveled to, moved back to staging area? I am thinking of Strider's Path, South Away! or The Hidden Way Would the location keep the attachment while in the staging area, opening up the possiblity of travel to a different location and then having more than one item from the loot deck in play?

Yes, if you move the active location back to the staging while it already has a loot card attached and then you travel to that location again when you have the chance you could end up with 2 (or more if you repeat the process) loot cards attached to the active location. Note though that if you explore a location with a loot card in the staging area you do not get the loot card for free (it ends up in your discard pile) —