Dad hated Tolkin. He was a Michal Moorcock Fan. (Point of interest, Deep Purple did a song about Elric, so
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As probably one of the lest prudish, most cool with gratuitous sex, drugs and rock and roll on TV posters on this board, I also think this is a stupid direction to go it. LOTR is epic fantasy and if you want epic fantasy with more moral ambiguity, there is plenty to choose from.
Hell, Elric himself would probably be good for that. Plus, IT HASN'T ALREADY BEEN DONE TO DEATH.
Tolkin doesn't need to be reinterpreted into a "modern" story. No fantasy does. It's stand alone. It's the difference between modern Juliet and Romeo (which works) and a modern Midsummer's Nights Dream (doesn't need it)