I'm getting ready to start War of the Ring and I've been working on a basic army incorporating what I currently have and trying to cover all of these bases:
Epic Heroes
Magic
Infantry
Cavalry
Monster/Warmachine
Common
Rare
Allies
So this is what I came up with:

Epic Heroes:
Mouth of Sauron-100
Gollum (fantastic rules, wouldn't use him except I have the model)-50

Common Formations
6 Companies Orcs, shields-120
3 Companies Orcs, bows-60
3 Companies Morannon Orcs, shields-75
3 Companies Warg Riders, bows-75

Rare Formations
3 Companies Morgul Knights-105

Allies:
Cave Drake-160 (gotta love that new sculpt)

745 Points
C&C welcome

_________________
The day Microsoft makes something that doesn't suck is the day they make vacuum cleaners

Instead of MoS and Gollum, I'd take the Dark Marshal (his Inspiring Leader is very useful). You'd also then have enough points to get another company of Morannon Orcs or Warg Riders.

_________________
"There are few left in Middle Earth like Aragorn, son of Arathorn." - Gandalf, Many Meetings