Some ideas.
1) Play in the first age. The war of the jewels lasted a millenium, and all the relevant races have their stats in the core book. Fells beasts gives you access to lesser balrogs (ie, non TPK enemy), and i presume, Elven magic items. This would be a pretty damn high power level, with all the players likely being Noldor. Although at that time period, even men were stronger - the Atanatari followed the ME pattern of first being best. This age is good, since unless the players kill Melkor or something, nothing does much damage to the LOTR storyline - the entire continent sinks under the waves so it truly doesn't matter whether you save a city or two, its gonna be an intact city on the sea floor.
2) Play in fourth age - see slants post on this subject.
3) Play in the time period in which gondor and Arnor were powerful and had kings, around the time period after the last alliance. Could be during the fall of Arnor. This presents more problems for infringing on the LOTR storyline, but they can be dealt with.
Since its a forum game, having a combat focus is... slightly inadvisable. Not sure what the focus could be though, it would depend upon the time period. First age is wonder and glory followed by tragedy and loss (Elven kingdoms are made, become immense and beautiful and then are destroyed by Melkor). 4th is one of rebuilding and expansion as Elessar re-founds Arnor and expands Gondor, sparking a ME wide phase of prosperity. Could play a game based entirely on trying to clear out the ruins of Arnor and helping to rebuild and inhabitate its cities. 2nd age is one of slow decline. Last one might be interesting to play as a long time period elf game, so the characters can actively watch the process.
GM - hum. Slant! But he is not the most active poster. SE is already a GM. Spriggan is also already a GM. Maybe me, but i really fancy being a player. Fell, you could be one assuming we use a short time span focus and have a simple quest to deal with. Someone else perhaps.
Incidentially, i bagsy the elf character.
