If you take all the extant material out there, you could definitely create three movies that tell the tale of the Silmarils through the lens of those three heroes, culminating with the fall of Thangorodrim and the ruin of Ancalagon the Black, the chaining of Morgoth...it could be awesome.
Upbringing as a junior forest commando with his dad, and meeting Luthien
First attempt, where he gets captured by Sauron & rescued by Luthien
Raid on Thangorodrim and theft of the Silmaril, including stuff like the battle between the hound and the werewolf, and their fight with the sons of Feanor.
Alternatively, they could combine 2 & 3 and make the third movie of the stuff that happened after they grabbed the Silmaril, up through the fall of Luthien's father and the recovery of the necklace from the dwarves.
They could get a whole movie out of the story of Turin (if I am remembering the name right - I refer to the guy who married his sister and killed the dragon).
“Tolerance is the virtue of the man without convictions.” GK Chesteron
Inde muagdhe Aes Sedai misain ye!
Deus Vult!
*MySmiley*