That was some cool analysis you did.
I think you are right, this could live up to exceed riddles in the dark. I think Smaug is the only villain I ever read as a kid that I liked. He isn't evil in the way the Balrog or Sauron is. Dragons in Tolkien Lore are the most interesing creatures that are servants of the enemy because they really seem more to be servants of themselves. Smaug isn't obsessed with total domination or subjugating the free peoples, just his hoard a full belly and rightful respect of his magnificence. He is greedy, wrathful, vain and arrogant but he has a sense of humor and curiosity.
Of course his physical aspect will be awesome and I can't wait to see that too. Balrogs were Morgoth's servants to dominate through terror and dominance but Dragons seemed to be his Nuclear Option. Glaurung never seemed to follow Morgoth's plans the way he wanted and I like the idea that Dragons as creations to be a force of nature, were just as unpredictable and undependable to Morgoth as would be a force of nature.