That could work as a trilogy of films if given more license with the material than he used with LOTR, and preferably films that aren't anywhere near as long (in keeping with the leaner style of swords & sorcery fiction).
Probably one that goes something like having Elric of Melnibone as the plot of the first film, Stormbringer as the plot of the third film, and Elric's return to Irrmyr as the second film might work. Naturally this would include flexibility to add plots or elements from other stories, mixing and matching to make three good film narratives - perhaps do some of Elric's tag-teaming with other Eternal Champions in film two, for example.
I got the first book of those free with my purchase of GRRM's A Dance with Dragons. Still haven't gotten around to reading it but Master and Commander plus dragons does sound like a win-win film concept.
