If you truly want to import any of the 5 Wizards, elder Elf, Balrogs, Dragons and Sauron into 3.x you need to use the rules in Deities and Demigods for divine rank to do them justice.
Characters that have no Divine rank:
The hobits, including Smeagol.
The humans.
The dwarfs.
The young Elves, including Legolas (he is only 500 or so in the book).
Young Orcs.
Half-Elves who choose to live as men, like Arwen.
Character that have Divine Rank 0:
Gandalf the Gray and the other wizard except Saruman the white.
Saruman after his staff is broken.
Elves whom have seen a age of Middle Earth (the third age was 3021 years long).
Gollum, he got this from owing/using the one ring for ~1500-3000 years.
Most Ents and all Hurons.
The very oldest of the orcs.
Characters that have divine rank 1:
Gandalf the White.
Saruman the White.
The lesser Nazgul.
Balrogs.
Treebeard and older Ents.
Elder Elves.
Shelob.
Characters that have divine rank 2:
The Witch-King of Angmar, the chief of the Nazgul.
Elven Lords whom hold rings of power, Elrond, Galadriel and whatever lord that gave up his ring to Gandalf.
Character that have divine rank 2-5:
Dragons, lesser
Character that have Divine Rank 5:
Sauron
Smaug and larger dragons
Character that have Divine Rank of greater that 5:
Morgoth had a divine rank of at least 10.
Tom Bombadil and his wife are divine rank is between 5-10 or more.