A better thing to do would be to show the pre-history of LOTR Tolkien provided in the back of the third book: the rise and banishment of Sauron, how the 5 wizards came about, how Gondor came to be (Elindel, etc.), Lothlorien. I found as interesting as LOTR.
I agree that would be good.
I hope if they have success they continue on to re-do Lord of the Rings. Flesh it all out with Tom Bombadil, ect.