eh eh eh. Lots of good here, lots of confusion. Fortunately Nygma got here in time to clear alot of it up
Obsidian: Which ring are you talking about? There are alot of them kicking around
Sauron has the One Ring, which he created to rule them all and expand his power. The three elven rings are in the hands of Gandalf (Narya - fire), Galadriel (Nenya - water) and Cirdain the Shipright in the Grey Havens (forget the name - air). Also there are the seven Dwarven Rings, all either destroyed by dragon's fire, or taken by The Enemy. Nine rings for mortal men doomed to die, all used to subvert great human kings to his power, and all of which are now his ringwraiths. There are/were lots of lesser rings of magic, which augmented a single aspect.
As for Gandalf and his lack of spells, remember the goal of the mission was secrecy, and everytime he used his magic he exposed himself to Sauron. It was like giving him a roadmap. When it didn't matter, and Gandalf was defending Minas Tirith I believe he did some serious spellcasting against the ringwraiths when they came to call.
Items and Enchantment: I would hesitate to call any of the items greater then +3, due to the fact magic was so rare in Middle Earth.
Sting: Elven Shortsword, I don't remember if it was from Gondolin, but as it was found in the company of those two notable long swords it's possible. This was a weak sword compared to those two, but still surpassing anything done in that day. +2, with a detect evil 3/day as someone said. Closest you can come to representing it's ability in BG terms.
Glamdring and Orcrist have been covered extensively, no need to go into them further. +3 and detect evil 3/day again.
Anduril has also been covered, +3 again.
All of the above I would give an addition +1 against evil creatures.
Daggers of Westernesse: the short swords/long daggers given to the hobbits after the Barrowdowns, these were enchanted weapons from Numenor. Light enchantment, though a bonus against evil. +1/+2
Gandalf also possessed a stave of power, all the wizards had one to assist in there spellcasting, and when Saruman was deposed, Gandalf destroyed his staff, indicating perhaps a connection between wizards ability or station and the stave. I'd give it a +2, and maybe some sort of ability to assist casting or resistance.
Gimli had a Strong axe, but merely a dwarven axe. Probably a +1 for dwarven worksmanship, but a nonmagical +1.
Legolas had two long daggers/short swords that were prob similiar. +1 due to craftsmanship, though nonmagical. The bow was a long bow, not a composite likely, and maybe a +2.
Boromir was the son of a prince and prob had either an enchanted weapon, or a high quality dwarve or elven make weapon. Either way, +1.
Armor:
Gimli wore a shirt of chain, b/c remember, dwarves make light of burdens
Prob another one of high dwarven quality, but not necessarily magical. Chain +1
Gandalf I seem to remember wore some kind of chain somewhere in one of the books, but as I can't verify, I'll leave it off. Easily a robe like the Robe of Vecna, enchanted for AC bonuses and whatever he would think is helpful.
Legolas: Elven chainmail of some sort. +1 or +2, make your choice.
Frodo: Mithril....ahhh, how I've longed to see something of that in a D&D game
Easily Chainmail +5. Most likely some sort of bonuses against every weapon type.
Aragorn: Studded Leather +1 at the beginning, and then once he goes to war he switches to something that slips my mind at the moment...I obviously need to reread the series lol.
All the hobbits prob outfit themselves in some sort of hide or leather traveling clothes in the beginning...
Unfortunately, none of this translates well to the ToB, or even the later parts of SoA b/c of the abundance of Magic there. Everything would need a serious boost to fit in and make a party of chars viable there.
Eh, there were a bunch of things I felt I could contribute on, but some slip my mind. I'm sure I'll remember more
Hell of a first post...
Melesse
Edited for one or two small mistakes....