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I think you answered your own question there. Yes, Beowulf was a major inspiration for Tolkien in all his works, and hence it isn't far fetched Tolkien invisioned 'his' world not unlike 'that' world, not only in theme but also setting. It has often been said Middle Earth is Boethian, (the time Boëthius, which is the 6th century). I do not know if Tolkien actually confirmed this himself, but let's just agree the lord of the rings is set before the plate armor-era. I like it that way too :p.
Glad you guys like it, I hope it'll make its way to the game someday.
@ I_Love_cat & @ Schoon: It was drawn some time ago, I wasn't aware people were going to post this here in public. Anyway I feel I made a lot of progress since. The feedback is much appreciated though!
@ Kidstein: I'm afraid not, the picture is rather "awkward" as pointed out by the above, so I won't invest time in it. Sorry.