I think that's been going on for a while now:
https://reelrundown.com/film-industry/The-First-10-Musical-S...
Great, so it will for LotR the same as what was done in the films for The Hobbit.
If you are doing LotR in more than double the runtime of the LotR extended editions (which are 11h36m), I am…beyond skeptical.
Yes, in theory longer format should have more space to breath. In practice, we will get dialogs that will make you cringe, removal of everything that is not straightforward action, compression of everything nuanced into a single talking point and massive change in characters and plots.
> “But no living man am I! You look upon a woman. Éowyn I am, Éomund’s daughter. You stand between me and my lord and kin. Begone, if you be not deathless! For living or dark undead, I will smite you, if you touch him.”
The Mary Sue did a great long-form piece on how unfortunate it was that Eowyn's character wasn't managed better: https://www.themarysue.com/the-story-of-eowyn/
In any case, this is just one small example, but it's easy to imagine that with a longer treatment of Bilbo's birthday party, the hobbits might have been able to be more fleshed out as well, and less of just dumb comic relief. That said, even the 1981 BBC radio play that's considered by many purists to be the gold standard as far as LOTR dramatizations is only about 13h, so perhaps I'm being pretty optimistic to imagine that doubling that runtime could go anywhere good.
I think a remake of the LotR will happen some day, but not for quite awhile (a re-animation of the CG may happen first) - mainly because it was already filmed in high-def and on "modern" equipment.
If it does get made again, it's likely to be in a TV mini-series format, perhaps less on sets and more on dialogue/acting.
A limited series of 10 1-hour episodes will still be shorter than the extended editions of the film trilogy in total runtime.
The problem, if you will, with a great but imperfect work of art is that no one else will attempt the same work again. Because it has already been done and it's hard to top a smashing success.
If it had been a bad LotR movie, one would be able to hope, probably reasonably, that a good one might eventually be made. It would be a dissatisfying situation, just like that 1978 film. But the 2000s LoTR films were, indeed, quite good. And so they will likely be the final word.