Would I get a bunch of hate mail by writing this story?

Lord of the Rings has been spoofed before. It was done by National Lampoon, in book form. It was titled "Bored of the Rings," and it has a very sixties take on the trilogy. Given the recent revival, I suppose we are due for an update in satire. But it would have to be very funny and well written. I think you could do it, but remember that it took Tolkien 14 years to write the epic.