A LOTR land would have to be done without the major characters. Would fans be ok with that?
My idea would be a Mack Powered Invert, themed as an eagle's claw. Enter through Bag End, transition into and load in the woods like ET, fly over mini replicas of various Middle Earth locations to the tune of Howard Shore's beautiful soundtrack. Final scene would be a screen of the map taking you back to the Shire, etc. But again, would an area with no major characters (except maybe M&Gs?) really make fans happy?
(I think it's extremely telling--in the aftermath of JW3 being so badly received--that recent Uni properties are almost never on people's wishlists.)