I think that would be an awesome idea for the soul reason that if the Lord of the Rings were adapted into anime, that would mean that finally there would be an opertunity for a very accurate visual presentation. Accurate as opposed to a movie format. You can do so much with animation and an actual 26 or more episode show than a movie.
If such a project was ever to be done, I think that it should like this:
Found at:
This site
I love this artist!