In my opinion formed from Leaf By Niggle (in allegory): Tolkien believed in Sub-Creation and applied that belief to his work concerning Faerie. He hoped that after serving in Purgatory God would allow him to enter into his own creation, Arda.
I also believe Tom Bombadillio is Tolkien incarnated within Arda. He believed that a painter could not step into his own painting/ God could not enter into his own creation. Unless he was incarnated within. I.E. Jesus(God) into our world. BUT this in no way elevated him to savior of Arda. That is also covered in his books. Eru will be born incarnate and finally destroy Evil forever in Arda. Sound familiar?