Well, going for "very very English" would make more sense, though that doesn't account for, for example, all the Celtic elements that, to me, stood out a lot more than the Germanic ones, ring or no ring.

Although if he was going for "very very British" instead, I don't know what his problem was with Arthur... I mean the Arthurian legends, being mostly of Welsh origins, are technically British enough... even Monmouth was Welsh, himself. (Then again, I'm not sure how this was viewed in Tolkien's time.)