I understand that there's a 99% chance that they'll cock this up if they do it but if, somehow by the grace of God, they actually stuck to canon and made a movi

I understand that there's a 99% chance that they'll cock this up if they do it but if, somehow by the grace of God, they actually stuck to canon and made a movie that the fans really wanted to see it would probably be fine if not actually a wonderful addition to the story of Middle-earth. A lot of stars would have to align to make this happen though, you'd need a director who was both a visionary and a dedicated fan, green lights and a hands off approach from studio execs, a very competent producer who could shepherd the film through and act as a balancing force for the director to make sure that the end result was entertaining and internally consistent. Nothing short of a miracle really. Probably less than 1% chance of that happening today.