Ok, I've been able to have a look at the new disk image of The Hobbit, and it's now clear to me what the situation is. So "The Hobbit" came out in 1983, and it supported the PC-XT and original IBM PC hardware, running an 8088 CPU. It was also "forwards compatible" with the PC-AT hardware running a 286 CPU, which came out a year later. It is NOT however a DOS game, it doesn't run under DOS at all. The game came on a 360Kb 5 1/4" floppy disc, and it ran directly from the boot sector. It doesn't have "files" on the disc, or a filesystem at all, it has a short "loader" that executes directly from the boot sector, and issues commands to the FDD to read sectors into memory as needed. The commonly available version of this game, floating around the web, is a combination of a raw disk image of that floppy (Hobbit.dat), which has had the last few empty sectors "trimmed", and a DOS-based com loader (Hobbit.com) written some time later by Mok, to make it possible to play this game from DOS. I've confirmed the "Hobbit.dat" file included with this version is a binary-exact match for the newer original disc image that has been made, with the exception that the new image contains an extra few KBs of data filled with blank sector data (0xF6 bytes). Note that the loader by Mok was most likely used on other games of the era with a similar booting system, but I haven't checked that.
What all this means is that the patch I provided here is still relevant, and that this version with the "Loader by Mok" is not only the real game, it's the best version of it, being able to be loaded from DOS, or written directly to a floppy and played in the original manner if you desire (just write the Hobbit.dat file to disk as an .ima image file). This version was always broken though, with the original game not supporting 386 hardware or greater, and the loader provided by Mok not able to run on systems before the 386, meaning it could effectively never be played as provided. The patch script I've provided is capable of patching the original disk image (just rename it Hobbit.dat), so that the original game can run on 386+ hardware, as well as fixing the Mok loader, so that you can run it under DOS on 386+ hardware.