Removing weariness sounds like readying to me. Inspiring people against despair sounds like a stat boost. Imagine a personal, transferable Unexpected Courage, that can ready nearly anybody or give anyone a stat boost during any action window. If he gets a ring that does anything like that, he'll be ridiculous. But then again, he'd better be, otherwise everyone else at the table will be annoyed that they can't play their Gandalf allies.
Could be like a Sam ability but applies to another person. Ready and add +1 to all? Or maybe only willpower. Seems decent.