Re: Could go either way
Moria could work.
But I think you'd need to make the whole thing an anthology series.
So you get 2-4 episodes focusing solely on one aspect of the story.
Moria storyline could run through everything since the Hobbit up until "Mellon" (heard in the dark after a "time passes" sequence, at which point a door cracks open and the episode ends), without having to keep apace with other stories being told.
It'd be less restrictive and so long as they don't write themselves into a corner (Whoops, forgot that person X was shown during one anthology to do this at this time - now we need X to do something else at the same time), it could be quite enjoyable.