The remaining 8 Nazgul (at least) would not be scared of the Dead.
"Do you not know Death when you see it?"
Also, I can't remember a quote, but it seems to me (if even unpspoken) the Dead were only held to redeeming themselves with one stand taken under their king. I don't think there was any reason (or possibility) of the Dead going on beyond their oath's fulfillment - they had waited a long time for redemption. After redemption, it seems certain they wouldn't have been able to continue with Aragorn even if they desired to.
On their effectiveness, I'm very sceptical about the "scare factor." The orcs had been subject to Nazgul command (and some most likely had direct contact with Sauron or at least saw him) - the Nazgul and Sauron are quite terrifying on their own, something the orcs had to adjust to. Sharku also pointed out (in an earlier conversation between he and I) that the Dead's scariness was mainly effective with men because they are dead men anyway...even the orcs of Saruman or the Misty Mountains probably would not have been as susceptible to fear of the Dead.
[ September 24, 2003: Message edited by: Legolas ]
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