How do the Sola Scrptura folks react to the Dead Sea Scrolls and other more recent discoveries of ancient Biblical texts not among those canonized by Martin Luther?

If you study, you will find passages in the Orthodox Bible, not in the Catholic.

In response to A2A:

The influence of the Christian Old Testament was the Septuagint, which predates Jesus. Luther, also maintained the Septuagint philosophy of law, history, poetry and prophets, in ordering, while the Tanakh followed Torah, prophets (Nevi'im) and writings (Ketuvim).

Do you think it is likely that Maegor was presented a young dragon at some point, almost to the point of full-bonding, only to scorn it for Balerion in the end? If so, which one could it have been?

Since the Bible is a collection of writings (literally what biblia means), you will even find that while Matthew and Luke have genealogies, Paul wrote to Titus and Timothy not to pursue foolish genealogies.

However, if one is using the Bible as a premise and traditions, how does one evaluate discrepancies between the two, as traditions are interpretations of Bible passages as their claim for validation.

Actually, Luther was influenced by the books of the Masoretic Tanakh and did, originally, include the Apocrypha.

What are some things that children used to wait for, but are no longer common in today's society?

Even Jesus questioned how the Messiah was David's son.

The New Testament was established as part of creating a universal (catholic) interpretation for all Christians.

Nuda Scriptira is scripture alone. Sola Scriptura is writings authority over traditions and does not imply Biblical inerrancy (see above in regards to Jesus, and genealogy to David).

Is it okay if I am not interested to talk to any of my relatives as I saw the real faces in my brother's marriage as none of them helped us rather were a kind of disappointment and were talking bad?

Just as there are a few discrepancies between the Masoretic and Samaritan Torahs.