I don't really think there is such obvious inspiration in Zelda from LotR. I think the only similarity in the two is that they are both fantasy worlds. I mean Tolkien may be the go-to guy for fantasy, but I would think of him as impacting more in the European/western world than in Asia (not sure about that though). Certainly, though, Gannondorf has nothing to do with Gandalf . . . they have nothing in common aside from a few common letters in their names.
(This is just kind of an all around comment, not only to alkalphoe, btw.)
I do love both LotR and LoZ. I think they are both awesome, and I think the reason that most LoZ fans are LotR fans as well is just because someone who loves either of those things would have to be into medieval-type fantasy.