PJ would probably be safer doing The Hobbit then LOTR.
It would give him scope for the positives of the films (scenery,
movie character selection, etc.) while there are sufficient
"dramatic" scenes/characters in TH such as the trolls,
giant spiders, Battle of Five Armies, Beorn (probably
shown dismembering the orc and warg
) that he
might not even have to resort to dwarf tossing (although
one can picture a PJ changed dwarf meeting with Beorn
).
And it does seem obvious, with all the $$$$$ to be made, that
there will be a (probably two-part) Hobbit made.