The whole of the Rings reflects an order within and without the universe. Obedience and hope, not disobedience and despair are central to the Rings. I have a poor understanding of the whole and there are those who have much more understanding of theology and literature who have discussed it.
Look on the some of the Ring sites.
Viewing the relationship on some sexual level reflects poorly on those critical thinking skills IMHO.
Those who seek power are destroyed by it. Those who don't seek power often find themselves having it thrust upon them.
Tolkien tells us all in the beginning of the book that he wrote it for entertainment only. Relying on the good sense of the author, I can only surmise that the Hobbit characters are "innocents" and that for someone to read something such as homosexuality into the saga is that persons' load to bear, not the authors'. Loyalty and courage are things to be honored.
(Why would anyone want to second-guess an author as great as he was?)