This actually got me thinking, what level would Frodo be? With milestone leveling, this seems to be the most likely to me:
1 - leaves Hobbiton
2 - arrives at Bree
3 - survives Weathertop / awakens in Rivendell
4 - survives Moria
5 - escapes Boromir
6 - meets Faramir
7 - enters Mordor / survives Shelob
8 - throws The Ring into Amon Amarth
You could maybe squeeze another level or 2 in there, but 8 - 10 sounds about right for Frodo. Give Sam a few extra levels for being the true hero of the story.
