This, but split the first into two films. Introducing the setting and the players of the First Age and the Fall of the Noldor in one film would be too much. The first film could end at the Oath of Fëanor or the Noldor receiving the Doom of Mandos.
The second one would end with the realms of the Noldor already established with the siege of Angband in place. The epilogue would see Finrod discovering and befriending the first Men in Beleriand. Otherwise the jump to the following "Beren and Lúthien" would be awkward and Finrod's sacrifice wouldn't have the depth it deserves.
These two films should be "Morgoth's" films, establishing him as the nigh unbeatable force of irredeemable evil that he is. Since he takes a step back in the further tales, these should flesh him out and make it perfectly clear that the Noldor's war against him is hopeless without the Valar.