Sorry you've had no replies so far, Elendor - I was sort of hoping that someone with a little more experience of the background reading would answer.
I'm not sure whether Tolkien considered Middle Earth a mediaeval world - but there are certainly a lot of elements drawn from his own studies of the literature and language of the early Middle Ages.
As with most fantasy writers, though, a lot of mediaeval realism is missed.
Perhaps it could be said that Tolkien didn't set out to create a mediaeval world, as much as create an epic legend - if that makes sense.
Oh - and welcome to the chronicles network.
