If you're fighting the Battle of the Five Armies with HotT, a big consideration is just making the armies distinct from each other. So, assuming that the Orcs are mainly Hordes (two armies, perhaps?) and the wargs Beasts, it makes sense to have Dwarves as Blades, the Elves with lots of Shooters and one other main infantry type, and the Men with some Shooters and a different infantry type to the Elves.
The Lakemen are described as having swords, so the easiest thing would be to go with a few Shooters and lots of Warband (not quite right, perhaps, but they're bigger and less numerous than the Orcs, so it fits) and the Elves as Shooters and Spears. But there would be nothing wrong with giving the Elves either just a different ratio of Warband and Shooters to the Men (e.g. 8 Shooters and 4 Warband versus 8 Warband and 4 Shooters for the Men) or giving them a mix of Shooters, Warbands and Spears. You could even make the Elf army entirely Shooters (who are pretty powerful in melee) and assume that each element represents a mix of archers, spearmen and swordsmen.
Overall, I'd focus on having differentiated armies rather than strict fidelity to the book.