Istar aren't supposed to be around yet either. barrow wights are not supposed to exist yet. so why wouldn't the Balrog be released right now?
Yeah, I don't remember if I said anything about the elves here. but that is also a major issue. Story focusing on the Elves is a tough choice, because they are so inhuman. you can do it, when you are only seeing Elves in passing. quick bits. But extended scenes of elves living, eating, chatting, emoting, etc.. it gets really really hard to keep it up. it would take an exceptional writer, director and actors.
Galadriel at the end there. caked in mud. dirty. etc. no? The dirt would literally just fall off her and her cloths.
a lack of magical items. Elven boots, elven rope, elven cloaks, elven bread. Everything elves make is organically infused with magic. and, again not magical trinkets, of engineering. more akin to divine holy relics. ... but where are they?