It wouldn't work. There's not enough sex in LOTR.
Seriously though, I would have vastly preferred that to the mess Peter Jackson made in which he gave screentime to things that contributed nothing whatsoever to the plot while leaving out important parts.
However, there are differences. I think HBO's Game of Thrones is better than the books. It's partly the actors (who are fantastic) & the directing, partly the script - I feel many of the characters in the books remain shallow and superficial. And in that respect, Tolkien does a better job even though we don't see things exclusively from the characters' point of view. See, I like A Song of Ice and Fire yet I think HBO's version is better, but I have a hard time seeing that anyone could make LOTR better than it already is.
That would still be awesome though.