Well,
Lady Redeemed is kinda
Tarmogoyf or Aether Vial that wasn't discovered immediately, but still, even if the card goes under the radar for the first couple of weeks, the power of the card itself, doesn't decrease.
Even though some of you do not play or hate MtG, it's the longest living TCG. And it's history shows what happened when overpowered cards took over the Format. The best example is the situation a couple of months ago.
A whole Format, Legacy, where over 15 thousand, yes, 15 thousand cards can be used was defined by the card
Survival of the Fittest. This card is just ridiculously overpowered, and when I say that, I really mean it. The whole Format, consisting of over 15'000 cards was defined by Decks that a) either used Survival (about 60% or so) or Decks that tried to beat Survival (just try, because the card is so good).
Now, imagine that we would officially allow
LR in Movie Format. In Movie, you "only" have like 1700 cards or so, and in LotR, there is no Sideboard. So each Deck should pack in a
Splash and
Terrible and Evil to kill Galadriel or play a Deck that doesn't rely on Conditions or Possesions and isn't affected by random anti-cards the Elven player can play like
Stand against Darkness because he can cycle them easily.
So, to sum up the whole thing: Do you want this? Do you want a
Lady Redeemed Format instead of a Movie Format? DO you either want to take the anger of some random dudes complaining they can't play with their overpowered and unfair Decks anymore or have a Format everyone can enjoy because they can play a Format they're used to in a fun and fair way? It's on you to choose.