Why not just do The Hobbit?
The Silmarillion
That’s in progress already.
I’m surprised it made it this far. PJ has stated previously he didn’t want fan films.
The Hobbit is being made as far as I know, this looks like some sort of horrible fan fiction.
Blood of Tyrants—
The hobbit is being done; this is a film being produced by a fan of Tolkien’s Lord of the Rings; I’m not expecting it to be high budget, but I am expecting it to be truer to Tolkien’s story than Jackson’s high budget slap-to-Tolkien.
In Tolkien’s Leters (editted by Humphrey Carpenter), specifically, the 210th letter in the collection, Tolkien writes to Forest Ackerson concerning an attempted screenplay written, apparently, by one Mr. Zimmerman.
His remarks are not complimentary, and he goes into great detail of all the parts he finds objectionable
This wiki entry summarizes the letter: http://tolkiengateway.net/wiki/Letter_210
but of course, it is best to read the letter ones’self, and Tolkien’s other letters, to better understand and appreciate his masterpiece. :-)