Bwian:
To use multiple sources of story, or to take elements from a variety of sources and try and merge them together is, I believe, a very dangerous thing to attempt. If you get the mix right, it could work very well, but if you get the mix wrong, then you will end up with a mess. You have to balance the whole thing up and fit stuff together for a reason You may think that Teletubbies fit OK into a Lord of the Rings scenario, but the purists would take some convincing....EEk...thats a rather scary image...A horde of axe-wielding Tinky-Winkies charging at you screaming 'ehhh-ohh' before they hack your troops to pieces...anyway...
What an idea...
No that was actually not what I had in mind in the first place. I was more imagining what you´d call your "average" fantasy setting: a human kingdom like medieval Europe, orcs (green ones! Orcs are green, period), Elves, dwarves, some undead... you get the idea, I think. Just the stereotypical incredienzia for a fantasy world without really being based on any set universe.
Generally, I believe you should make the mods you yourself want to have, because if you like it, chance is that somebody else does so as well and if not, you still got what you like.
I´d do it if I had the three crucial recourses: Time, tools and, most important, know-how, which I don´t have.