In 2022 or so, there certainly will be a cry for a re-release of the Lord of the Rings trilogy.
Or will there? Is it possible that in 20 years the state of the art will allow each of us to have a personalized edition of the movies by simply saying, for instance:
and have it play that way on your own, personal, head-mounted, surround-sound, surround-vision, video playback system?
Sorry; can’t reply–my keyboard is gummed up with drool.
Now, Ferry, we will have no nude hobbit scenes! 
Ah, yes, foiled again
You could have the Hobbits wrapped in foil if you want, I suppose. It sounds non-cannon to me.
Why stop there? You could put yourself in as Aragorn or Gandalf.
I doubt that they would ever release any version which invidudal fans would be allowed to change for themselves. What is likely is that CG will have developed where it’s completely photo-realistic and indistinguishable from live-action. So New Line could conceivably add scenes or change them without needing the original actors.
In any case in 2023 there will probably be more exciting versions of LOTR than the films. Like virtual-reality games where you can play one of the characters. Even if virtual reality doesn't take-off, conventional games will have reached movie-quality graphics by then.