Hmm. What about doing something that looks at LotR and the Silm? I know that some of this was mentioned in the original CbC threads, but I've always thought something dealing with parallel imagery in LotR and the Silm (and how that ties into the Great Stories Never Ending, etc.) would be really cool. Most obvious one I can think of off the top of my head is Sam singing to find Frodo vs. Fingon singing to find Maedhros.
Another good one I can think of off the top of my head from Downs topics was the notion of "other" and how characters who seem to work in pairs end up getting different, more fulfilling pairings by the end of the book--and how marriage seems to be more fulfilling than friendship, but the divine is even more fulfilling than that. I can scrounge around to try to find that old thread if you'd like.
I'd say in order for it to interest you, though, it has to deal with themes and characters that you find really interesting.
Though I have to admit, if you turn the C-thread into a paper... O_____O
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