I watched The Hunt for Gollum yesterday. To sum up: if you’re a fan, you’ll enjoy it. Spoilers follow:
It is amazing what they did with so little. You should go watch it.
Gandalf and Aragorn were acted well enough. Aragorn’s neck beard needed some trimming though, so distracting. Arwen did not look elvish. And that other ranger guy was a bit stiff.
The big fight scene was colored weirdly, and the gollum-in-the-sack was a bit too convenient.
These are my only criticism though.
The scenery was amazing and most of the editing was great. All in all though, it was an enjoyable 40 minutes. I would watch any more stories these people put out.
You should go watch it.
Not So Fast 
Agreed. I was impressed. Nice little story deviation from the books that was shot well and had nice production value. I would tend to agree with your criticisms, but for a small time production co, it was quite well done!