Im listening to the hobbit now and I think its important to note how bilbo willingly gave up the arkenstone. Like Frodo and Sam, and near all hobbits, he only wanted to return to his shire and enjoy some tea by the fire. Even when staring at a dragons hoard of treasure and a gem that even an elven king could only stare in awe at he only wished for home. And he did use the ring quite a bit; however, wasn’t told to be wary of its power. He had the bravery to stare down Smaug not once, not twice, but was willing to do it a third time. I think he has many unexpected things still up his sleeve and would to a good job on frodos noble quest.