If PJ asked you to choose another great literary work.....

[Keeper of Dol Guldur]

I would definitely say "The Hobbit." It's already up close and personal to the character, and wouldn't be hard to make fairly exact. I don't think anyone could pull off the Silmarillion itself, but the Lay of Luthien and the Quest of Beren would make an awesome movie, we could even see cameos from Martin Csokas as Celeborn in Doriath, Sauron, the Balrog of Khazad Dum, it'd be okay. But as for the Silm, I think it's great tales of warriors are best left to videogames-a "Dynasty Warriors" inspired game where you take control of Fingolfin or Ecthelion would be excellent. Anyway, after the Tolkien stuff I'd like to see him direct Death Gate Cycle by Weis and Hickman. It's a little different, but could be pulled off, even if it meant seven different movies.