I can see the temptation here: I think I would like to retain TOR 1e and maybe trade the TOR2e Travel mechanic (at least as close as can be compatible with 1e) to replace 1e Travel. But I feel that there is quite a lot that can done to augment 1e without losing any vital organs to the altar of 'streamlining'.Fundamentally, I found 1E just right for most things, but I also often set difficulties in the 10 to 14 range, and found the travel system unsatisfying.
Personally I would
1. Use a TOR1e friendly version of Travel from TOR 2e.
2. Add the choice of Resolve instead of Hate idea for LM adversaries. That way, any creature armed with Hate points automatically has the No Quarter rule. So rarely, Evil Men could be modelled with Hate instead of Resolve, to deliver No Quarter. Evil Dwarves with either Resolve or Hate? An adversary with zero RESOLVE will become Craven, surrendering or routing.
3. Distinguish between Encounters & Councils. Include both. I like these new rules and see them as a potential improvement if used for dealing with VIPs. (e.g. named canon characters: Ishtari, High Elf Lords, Beorn, Bard, Dain, Mr Bombadil, Thengel, Denethor etc)
4. Swop Explore and Hunting: keep Search instead of Scan: Inspire instead of Enhearten. Body moves to Strength. (I mean, why not?)
5. Add Inspiration idea for use by Fellowship Focus (call it Morale) so a new bonus available during Adventuring Phase.
6. Streamline the weapons into four types only.
7. Use both types of fellowship Phase (i.e. Yule)
8. Wits for Wisdom and Heart for Valour - yes.
Call it TOR 1+, or maybe "TOR and Back Again"