I doubt they movie theatres would make it, just because I doubt its ability to be a commercial success.
The story is too unfamiliar with film audieances and it seems sort of open-ended, when audiences like films that do end.
Which is precisely why when Tolkien's publisher wouldn't print it and made him write the Hobbit and LotR instead. The Silmarillion was finally published by Christopher Tolkien after his father died.
Like you, I really can't imagine it making a successful movie franchise. The scale is too big, the stories too depressing and unsatisfying, the relationships too complex. It makes a better fireside tale than H'wood hit.