Oh yeah, I just remembered something. Ocarina of time came out before The Fellowship of the Ring movie, so Ganon could not possibly look like the Balrog in Moria by any other means than coincidence. Remember, up until 2001 Lord of the Rings was just literature (aside from a few cartoon movies, that is). So any visual similarities could only be from the very unlikely possibility that Peter Jackson got inspiration from Zelda or complete coincidence.
I think Zelda probably finds its roots more in Japanese Anime if anywhere; there are plenty of anime people with pointy ears and such.