This is probably my favorite deck-type. So I speak from experience when I say that this looks good pretty good, actually.
I prefer
Flurry of Blows to Axe-Strike. If you make that switch, however, you'll probably want to add another axe. I would probably get rid of
Make Light of Burdens and add another Bilbo instead.
Great Works Begun There is another tale that comes in handy. I would maybe add that and another copy of
Beneath the Mountains to replace Song of During and
Stairs of Khazad Dum. I encount a lot more decks with Ulaire Cantea trying to discard my weapons than I encounter
decks. And Dwarves are naturally good pretty against
anyway.
On the Shadow side, I don't know why you're using Ulaire Attea. Was that supposed to be Ulaire Nertea? That would make more sense. On a broader level I would tend to specialize my
deck either to beat-down (focusing on the Cave Troll and
Moria Axe with multi-vitality orcs) or to swarms (lots of cheap minions, no expensive ones, except perhaps a Balrog). You seem to be going for both at the same time. I dunno, maybe that will work. I suppose it might give you more adaptability depending on what you're up against.
Again, this looks great as it is. I'm just nit-picking because Dwarves and Goblins are my wheel-house.