The thing is that ICE defined its gaming period in ca. 1640 TA. Now with the movies, it would be easier to set the game during "the Hobbit" because they is way much to do (Sauron as the Necromancer in Dol Guldur being forced to leave, battle of the five armies, etc.).
Indeed there is much activity due to the events to come.
And, well, with Runequest rules, the characters would be both frail and heroic at the same time.