I figure roughly about 11 minutes for Thorins first draft. Obviously too long, IMO, for a scene that is admittedly less than riveting.
The first change I would suggest is a segue into the invitation to Elronds council. Perhapes,
gandalf passing by, poking his head in the door as
Frodo and
Bilbo finish with the freak-out scene.
2nd change. Did anyone else notice how even as the second showing of
Sauron's finger getting cut off, it seemed boring? Like "OK, what did I miss the first time?". While re-writing this we need to not repeat ourselves, or state the obvious. There are other things, but that'll wait.
For that reason I feel the introductions should wait until the point that
Elrond announces who the 9 will be. Except for Frodo, of course. That will pare the time down while keeping it true to the intent. I also like the idea of the voice over as the fellowship leaves Rivendale. That is very workable.