For various reasons I'm currently working my way through the History of Middle Earth of which Lost Tales are the 1st 2 volumes and they make the Sil look like something by Harold Robbins...
Some interesting ideas in there but really I've never seen so much made out of so little with reams of iterations and analysis over a few words transposed or couched slightly differently in no less than 3 and usually more versions....
Tolkien really was a great writer of prose, but my gods did he bloody work at making it perfect to the point where it lost all semblance of pace and character engagement.
TH and LotR were written to make money is the bottom line and for that he sacrified thoroughness for art thank heavens as they're really (aside from stuff for the kids like the Father Christmas Letters) the only readable novels to come out of Middle Earth. There's some blistering
ideas in The Sil and more elaborated in Unfinished Tales (especially interesting for Galadriel fans who had at least 2 other contenders for Mr. Galadriel in there and had kids with one of them as well as the daughter who married Elrond
) but he wrote the hell out of most of it in changing his mind about Orcs and the sun and the moons and whether they were around before during or after the Two Trees or the bloody Lamps
Tolkien really was his own geek and didn't need a fandom at all really