Real quick...
If you're going to start throwing characters into The Hobbit that weren't actually in The Hobbit books, why stop just at Cate Blanchett's Galadriel? She might be the "grandest elf" of them all, but she's hardly the one everybody really digs. That would of course be the silver haired, arrow slinging, kill counting Legolas.
Deadline is reporting that Orlando Bloom could return for Peter Jackson's flicks, most likely in scenes that serve to connect the final Hobbit film to The Fellowship of the Ring. Probably wouldn't be all that hard to do since elves don't die or anything.
