The title reveals alot, though they could just throw it all out wheel of time style and just make shit up.
The history of this time was deeply sad as most of the very best people died here. I don't necessarily mean big heroes or generals, just large numbers of high elves.
The way I would do it: Spend a season in Eregion with the making of the lesser rings. Season 2 will be about the three, the one, and the fall of Eregion. Season 3 will be the rescue of the north by the vast power of numenor. Season 4 the subjugation of the south, capture of sauron, fall of numenor. Season 5 the last alliance.
There is so much amazing story in there. Big betrayals and mysteries and romance. The growing jealousy and greed for life that always seemed inevitable for the half elven, regretting the choice of Elros. It is something I think we can all relate to and echoes our own distant legendary history with the hyperboreans and atlantis.
The first thing to get right are the elves. The movies mostly just pasted ears on humans, though they made a bit of an effort with galadriel. These are vastly old and powerful people, tall and radiant with the light of the two trees from near the beginning of time. They deserve a bit more effort than digging the vulcan ears out from an old startrek set.