Listen to the Rain

The Tolkein series is drawing from the Silmarillion as I understand it. I think this is the best approach, the Silmarillion doesn't really lend itself to direct translation. Really it's using it for it's original intended purpose as a big fat bundle of myth and worldbuilding.

I think (for the right writer) it'll be an excellent framework giving the shape of events but still allowing lots of flexibility to write their own story. Also setting this in the second age seems like a good call leaving clear water between this and other stories already adapted.

Of course this also leaves them a lot of rope to hang themselves with as well.