Did you read the books? It's a cartoon all the way.
The only method that might work would be a mix of live action and very cutting edge animation, like parts of Bakshi's uncompleted "Lord of the Rings" -- which was awful in itself but had some really good ideas buried in the mess.
Not a cartoon, but a younger child’s view of fantasy - a wild mixture of humans, mythological creatures, talking animals, and monsters. LOTR has an older child’s view of fantasy that is more sophisticated and structured.