I dunno, I just don't see Jude "Alfie" Law in a long white wig. Although he is good as a balding villain, a la Road to Perdition.
While the Tolkien books seem meatier in some ways in terms of world-building and literariness (and certainly paved the way, along with RE Howard, for Moorcock and most "heroic fantasy"), Moorcock's Elric was very much of its time. Moorcock's cynical, decadent style was perfectly in keeping with contemporary attitudes and part and parcel of the post-World War II turn towards the anti-hero --although it could be argued this is a trait of modernism per se, if not the entire history of the novel.
The only place that Moorcock's point of view seems out-of-place is in the puritanical world of science fiction, fantasy, and comic book fandom, especially as it existed before, say, 1970, with few exceptions (the undergrounds, EC fans, the British New Wave).
it is entirely possible that Moorcock came out with his Eternal Champion stories way too early. When those came out (I was still a teen when I came across Stormbringer and I am in my mid 40's now) there was still a tendency to like Heroic stories of good vs evil...much like the comics used to be. (sigh). Eldirc and most of the other characters were NOT heroes...but rather anti-heroes.
It is possible that, in THIS day and age his work would have gotten more attention because it appears that many modern readers are not interested in the classic good vs evil stories (which is basically what LoTR was). Instead, like the comics, they want dark and gritty shades of gray.