I love Hobbits and pipes, and now that we have Bilbo I was finally able to make an effective pipe deck. This is intended to be used in multiplayer only because it has virtually no combat ability. Essential cards are bolded while non-essential cards can be swapped out to fit the quest or the other decks at the table. This is only made with one core set.
Total Cards: (50)
Hero: (3)
1x Frodo Baggins (Conflict at the Carrock)
1x Pippin (The Black Riders)
1x Fatty Bolger (The Black Riders)
Ally: (10)
3x Arwen Undomiel (The Watcher in the Water)
1x Elfhelm (The Dead Marshes)
3x Bilbo Baggins (The Road Darkens)
2x Northern Tracker (Core Set)
1x Elrond (The Road Darkens)
Attachment: (16)
3x Fast Hitch (The Dead Marshes)
3x Good Meal (The Redhorn Gate)
3x Hobbit Pipe (The Black Riders)
1x Leaf Brooch (The Three Trials)
3x Resourceful (The Watcher in the Water)
1x Song of Earendil (Road to Rivendell)
1x Unexpected Courage (Core Set)
1x Thror's Map (Over Hill and Under Hill)
Event: (24)
2x A Test of Will (Core Set)
3x Daeron's Runes (Foundations of Stone)
1x Dwarven Tomb (Core Set)
3x Elrond's Counsel (The Watcher in the Water)
1x Gildor's Counsel (The Hills of Emyn Muil)
1x Hasty Stroke (Core Set)
1x Out of Sight (The Long Dark)
3x Peace, and Thought (Shadow and Flame)
3x Smoke Rings (The Black Riders)
2x The Galadhrim's Greeting (Core Set)
1x The White Council (The Dunland Trap)
1x Will of the West (Core Set)
1x Noiseless Movement (The Three Trials)
1x Free to Choose (Trouble in Tharbad)
In your starting hand you look for Arwen, Bilbo, Resourceful, Pipes, Peace and Thought, and some sort of threat reduction (Smoke Rings or Galadhrim's Greeting can be paid for with Good Meal). Ideally by the end of the second turn you can have Arwen, Bilbo, and 2+ pipes in play. Between Peace and Thought (with Fast Hitches) and Daeron's Runes you hopefully have enough card draw to make that happen. Once you get that engine set up, you should be able to play one threat reduction card every turn. Between the pipes, Daeron's runes, Peace and Thought, and Pippin, you should be averaging around 4-6 cards per turn which is enough to keep fueling the threat reduction.
If the game lasts 10+ turns, you should be able to get out all of your allies and attachments and cycle back through the deck, so every turn you should be playing Peace and Thought and 2-4 threat reducers. Song of Earendil lets you soak up everyone else's threat gain. I thought about even adding a second copy so you could trigger both of them and reduce people's threat every turn, but that felt like cheating. I could picture a scenario in a 4 player game that lasted 20+ turns where you would be able to get everyone's threat to zero.
The non-bolded cards are up to you. I like Elrond for his versatility. White Council is also useful, especially because you might need to shuffle Will of the West back into your deck. Noiseless Movement is nice because it can be recycled. The lore secrecy cards would also be good. You could even combo Risk Some Light with Minas Tirith Lampwright to get additional card cancellation.
A good partner deck would be a Haldir/trap deck that benefits from maintaining low threat and not engaging enemies. You could have the Hobbit deck engage enemies to get the Pippin card draw, then have Haldir take them out. Another good partner deck would be a Boromir (T) deck because Arwen makes him a beastly defender and you can absorb the inevitable threat gain. I haven't tried this out in a 4 player game yet, but I really want to. Let me know if you give it a try!