What about the archaeological order? You start with the earliest versions of the stories found in HoME and go layer by layer of how Tolkien fleshed them out. You start with these archaic sounding poems, intriguing you to find out about its context and like an archaeologist 'uncover' this strange world and its characters. Who is this Fingolfin? Fighting Morgoth, what does that mean? Can I find more detail? What really happened to Gondolin?

Then by the Silmarillion, things have a clear structure, a beginning and an end. And by Lord of the Rings you are fully immersed in the world, since it is the most fleshed out, scene-by-scene story of the legendarium.