Well I like the idea of SAO turned into an OT because it has some real nice potential. Aincrad (gameworld in SAO) is a floating castle with 100 huge floors, each floor has several themed cities/areas/hunting spots and a dungeon. If players beat the dungeon boss, they unlock the next floor. In SAO it was even more interesting because once you die ingame, you die in real life. This could be simulated in an OT by resetting the char or at least having very severe death penalties. I wanted to work on such a project ever since I first saw it, but I got Necronia to take care of.
And LOTR... yeah. You'd need a nice team. I know that several people have been creating the map for it, but i'm pretty sure no one ever finished it.