Fair enough on all points. I do think it's a deeply flawed film. But the adaptation (by Peter S. Beagle, if memory serves) really isn't all that bad. But there are parts which work pretty well, considering.
What I find odd about it in my adulthood is how mundane much of it seems, especially when compared with Bakshi's Wizards (not an expression of quality, just an observation). Perhaps that was deliberate, to help Middle Earth seem more grounded in reality.