Misprint. Said it from the start.
Bilbo was a mistake I think. They meant for it to say 6 but no one caught on.
If it was, it would have been errated in the faq... it's been 6 faq since then !
But between Spirit Glorfindel and Lore Glorfindel, time has passed. Bilbon was design in a time where player'ss card where not so overpowered (except for few ones that still need balance). Then, at a certain point, player's became more and more powerfull, ability became greater (and so does responsability ) to a point where, sure, Bilbon became bad...
It is best to compare him with card that were printed around the same time.
Or better said: 3 threat points cost (the extra 3 threat points of Bilbo) are good for a 'direct card in hand' free with 2 cost? Let's see: Galadhrim Greeting cost 3 resources per -6 threat...
So 1'5 resources would be 3 threat.
We can think about the standard cost of 3 threat points are 1'5 resources.
Verdict: Bilbo's hability is better than normal ranking, because his cost is cheaper: you get for free an 'hability' with cost 2 rescoures (as Gleowine, even better: you have him in first hand automaticaly); the conditions is 'raise 3 threat'... but it is cheaper than Galadhrim Greeting, where decreasing 3 threat (the penalty of Bilbo) would cost only 1'5 resources, not 2 (the cost, remember, bilbo 'gives').
You missed something : galadrim's greeting.
Yes, it's a card, and to play it, you need to draw it. So the cost for 3 threat should be 1,5 resources + 0,5 card draw.
With Lorien's Wealth, we know that 3 card draw cost 1 card and 3 ressource, so that 2 card draw = 3 ressource, so 3 threat should be 2,25 ressources.
He was more balanced than most of the hero at the time... he was in the standard, but then, the standard changed, and he became weak.
Should they rebalanced him and make errata and reprint ? If they do, there is a lot of cards that need this, so they may never do it in the begining...