The first thing to ask is: How can I top LOTR?
The answer is in its flaws, of course.
One of the problems that I had with Two Towers and Return of the King is that it alternated scenes too much. Fellowship o' the Ring stayed with the aforementioned fellowship, while the latter two were forced to split into different journeys, straying away from the true one. The books, of course, better executed this, as they didn't alternate; rather the book was split into halves, detailing different stories completely apart.
One of the best things I think I could do is keep the whole journey in one place. Anyway, that's it for Part 1. I have a story, trust me. But I'm too lazy to write it all out in one sitting.