quote:
The story arc of Ar-Pharazon would be best in my humble opionion from his "capture" of Sauron, the rise of the faithful and eventually his assault on the Undying Lands and the Fall of Numenor would be freaking epic.

And this is how the time portion could get weird...

I'd hope to see perhaps an entire season on just this storyline. Like, the climax of the previous season would be the surrender of Sauron to Ar-Pharazon, and you spend the entire next season with Sauron in Numenor, final episode being the Fall.

Nerd of the Rings speculates that despite there being a huge cast, Elrond may be the primary character- his arc carries him across most of the major elements in Middle Earth. I could see that, along with Sauron as the other primary storyline, and then Galadriel's. If you follow those three, I think the others will come and go.

Elrond and Galadriel start in Lindon, while Elrond's brother founds Numenor.
Galadriel and Celeborn leave Lindon (first going to the general location of the Shire- maybe that's why it's so nice?), around the same time Sauron (as Annatar) shows up as a mysterious wanderer at the gates of Lindon; Cirdan and Gil-Galad don't trust him and turn him away.

Galadriel and Celeborn go to Eregion with Celebrimbor, outside the Gates of Moria. They don't turn Sauron away, instead welcome him and they eventually forge the Rings of Power.

Sauron makes the One Ring in Mordor, and wages war on Eregion. Gil-galad sends Elrond with an army to Eregion to help. Eregion falls, Celebrimbor dies. The Dwarves of Moria send an army to help Elrond escape (this might be what causes the Balrog to come there, Sauron might be pissed about things). Elrond goes North and founds Rivendell with the survivors. Galadriel goes over the mountains to Lorien. Combined with Numenor sending armies, they push Sauron back to Moria.

I could see this being the basis of several seasons; they say 5 total seasons so that above covers maybe 3.

In the books, there's another stretch where Sauron builds back up, and looks like he will overrun all of Middle Earth, and that's when Numenor (with Ar Pharazon) comes in full force and takes him captive.
I don't know if you play that out, or you combine the first defeat of Sauron with the one where he is taken. Better story if you keep them separate, but also longer story.