I recall there being a line somewhere that Odin would drink no wine without Loki - in other words, there will always be a touch of chaos in all ordered events.
And while Tolkien espoused to dislike allegory, and claimed that he did not use it in his writings, the rather universal plot device of the rise of the industrial revolution/specter of war vs. the pastoral life of the common person runs thickly through the myth/sagas he drew from (even if unconsciously, as they were the field of his studies), and did parallel the world events at the time he wrote the bulk of LOTR/Hobbit/Silmarillian, as WW2 was gearing up (and with the memories of WW1).
It is actually one of the reasons that Tolkien can be considered a classic. There are some very universal truths/myths that can be pulled from it, by more than one generation.
" most of us have a natural tendency and an incredible talent for processing new facts in such a way that our prior conclusions remain intact" [C. Horngren, “Uses and Limitations of a Conceptual Framework,” Journal of Accountancy (April 1981), p. 90.]
Hey look! It's my Primal Journal
But going back OT, Tolkien did indeed take quite a lot of inspiration from the old heathen stuff. Like the name 'gandalf' for example, that originally belonged to a dwarf. You'll find quite a few of the dwarven names in there too - alos belonging to dwarves, though xD