Sorry, you're still missing the point. LoTR and the rest of his Middle Earth tales were Tolkien's take on Old English and Icelandic mythic tales, of which he was a noted scholar. They were tales of heroes, monsters, and older non-human races; of epic battles between the forces of good and evil; even tales of the creation of the world. Removing those tales from times so long past they are legends and planting them in the recent past in a modern, mechanized society completely diminishes the scope and texture of the stories in a negative way. Setting the tales explicitly in "the Third Age of Middle Earth" is intrinsic to the tales. The 4th Age was the Age of Man, with most of the Elves departing Middle Earth, and other non-human races continuing their decline.
I just don't get the desire of so many to acquire the rights to an intellectual property, popular due to its story, characters, and setting, and then proceed to change all of those things. Some (minor) changes many be needed to adapt something into a new medium (print to film), but making something almost unrecognizable makes no sense to me.
You can freely explore similar themes to LoTR in other settings, even a modern era. But why try to contort Tolkien's Middle Earth to fit such an attempt? Just create a setting that better fits the time and place of the story you want to tell.