I think you honestly need to reread LOTR, because a lot of this, not just a little, is just plain off.
Yes, a lot of Tolkien's Middle-Earth mythos is based, more or less loosely, on Norse and other Northern European folklore and legend and mythology. That's where lots of things, including his version of the elves and dwarves, are derived, and there are extensive other parallels - but not always the way you seem to be thinking. For example, the closest equivalents to Odin in the Tolkien mythos are two - Sauron (represented by the one eye) and Gandalf (who is very similar to the mortal form mythic Odin appeared in when wandering, but not in all details).
Anyway, just some of the top points that are problems with your proposal:
1) Orcs, not Orks.
2) No Fairies in Middle-Earth, as Elves are quite different. I suppose one could make a case for Bombadil and Goldberry being rather fae nature spirits, but that's still not what most people think of when using the term fairy.
3) The Nine Worlds thing derives from the myths, and even though they're introducing a Tenth for Angela to come from (which would seem to make it detached from any Judeo-Christian concept of Heaven and not at all related to anybody that Daimon Hellstrom's dad had a beef with), it's not really the sort of scheme you just throw new places into willy-nilly.
4) And in any case, Middle-Earth is not supposed to be a separate world from our own, but a far past time on our own Earth (see
http://en.wikipedia.org/wiki/Middle-earth and many other sources for this). The end of the Third Age (which we see in LOTR) he placed at about 6,000 years prior to his day, so well into prehistory, and certainly before the most recent few cycles of Ragnarok. Now, it's possible that the Valar are earlier versions of the Asgardians, or even developed into Those Who Sit Above In Shadow, and that certain places like Valinor split off from Middle-Earth/Midgard to become some of the Nine Worlds such as Alfheim, but it's all in the past, not the present.
5) The idea that there are a lot of Wizards in Middle-Earth is dead wrong. There were five total, only three of whom we ever meet, and far from being simply humans who learned a lot of magic, they were more on the order of angelic beings (Maiar) sent into Middle-Earth by the Valar (essentially the gods, at least the lesser ones beneath Eru Illuvatar, the Creator) to help out, with Saruman eventually becoming corrupted. And that's pretty much it for magic, unless you want to count the arts of the Elves and Dwarves as making them lower case w wizards. If you count up the various male wizards and magic-users appearing in Asgard and others of the Nine Worlds in Marvel's Thor comics, there are actually a whole lot more of them.
6) As to Frodo and Loki... wow, no, their personalities and origins and other traits couldn't be more different.