I honestly don't believe that PJ would allow Del Toro to go overboard with his particular brand of wierdness. It's his film, his baby, not Del Toro's. The LotR is classic high fantasy and should look as such, and I think the only reason PJ isn't directing himself is because he's tired and doesn't want that level of involvement (pro/writer/director) for that many years of his life again. I believe that the Hobbit will tie in visually with the trilogy but marked with Del Toro's camera work.
Wow, there's so many misconceptions in there I don't know where to begin...
Yes,
Lord of the Rings is High Fantasy.
The Hobbit is not.
The Hobbit is a children's book, first and foremost, that happens to fit into Tolkien's Middle-Earth. We can look at it in retrospect and see that it's a prequel to
LotR, but that's not the way Tolkien conceived of the book. It's a fable, not a medieval romance like its massive sequel.
I have a difficult time envisioning Guillermo del Toro signing on to direct a film with a backseat director. Del Toro has said he wants to stay with the visual style of Jackson's films, but I don't see del Toro limiting himself just because he has an idea that Jackson might not have done.
As far as visuals, del Toro has talked with John Howe and Alan Lee. But del Toro has a strong design interest himself, and it wouldn't surprise me at
all if Mike Mignola were involved artistically.
Del Toro won't do something that's
completely dissimilar to what Peter Jackson did, but it's still going to be
his film when all is said and done. There are projects that del Toro is putting on hold to do
The Hobbit (and chances are that this has killed
Hellboy III, which based on what I've heard would have been amazing). Del Toro doesn't
need this; if he didn't have the creative reins, he'd do something else.