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If they used the same budget and had as good a director as they have with the Lord of the Rings -I think they could do it. Unfortunately I truly doubt they would cover the whole book which frequently drifts into Mini-adventures. (It's the Mini-Adventures which are truly the most interesting... (They were much in the spirit of (or possibly inspired by) Robert E Howard's original Conan series)).
The main story which will probably be covered will have to include some pretty trippy special effects. For example: the scene near the end (I think in Stormbringer) -where Zarozinia morphs into a catapillar and Elric let's Stormbringer eat her soul would be impossible to do convincingly without a HUGE buget.
The Tasty and Delicious One brings up a point of what they did to Conan... but there is one difference here. Michael Moorcock is still alive and might have a hand in supervising the script... That being said I think it would be an interesting movie -or at least a movie with some potential.
I actually haven't read the other eternal champion series. I read the Elric series feverishly in college... But eventually got more into historical "science type" non-fiction.
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