If more time meant more fildelity and development I imagine it would be preferable but I don't know whether it would solve the issues say related to depicting the various races of Middle Earth. Not being familiar with GoT I can't say whether they have similar issues to solve.
Elves are the killer really.... meant to be so beautiful, so elegant, graceful, old yet young. Cate Blanchett pulled it off but she has the advantage of being arguably the best actress of her generation as well as having the right physicality. Not many can do it and even though there aren't so many elves in LOTR as would be needed say for any filming of the Silmarillion. But they just get tall skinny slghtly odd looking humans.... doesn't quite work. Not for me anyhow.
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“But Finrod walks with Finarfin his father beneath the trees in Eldamar.”
Christopher Tolkien, Requiescat in pace
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