Hobbit is a hobbit. Short, chubby. Keep in mind how much damage couple pints will do on such a small body https://commons.wikimedia.org/wiki/File:Hobbit_drawing_from_lucie_schrimpf.jpg
Elf’s are supposed to be beauties, not halflings (aka. Hobbit knockoffs). Wouldn’t the original appeal of halflings be “I wanna play as Bilbo”? I definitely would be again using similar models as other races, as that defeats the point. Being top down game, exadurated features are welcome. Halflings might look odd every once in a while in a cinematic, but what doesn’t at this point.