There are a few concepts that cpuld have been interesting in the hands of people who are much better writers than members of the Bad Robot B team. A partially corrupted first generation elf who leads a band of orcs while still retaining a sliver of his fundamental elven nature could be a compelling character in a much better story.
Depends on how hard you lean into the "complexly evil" bit, I guess. It'd be interesting to see how the Maiar Mairon became Sauron the great deceiver.
But like I said, I don't think this bunch have the capability to write a screenplay capable of showing that properly.
There are a few concepts that cpuld have been interesting in the hands of people who are much better writers than members of the Bad Robot B team. A partially corrupted first generation elf who leads a band of orcs while still retaining a sliver of his fundamental elven nature could be a compelling character in a much better story.