You are asking the wrong question.
It's not whether it is too much money.
It's whether you can do it.
You are not ready.
Make sure you can shoot something 21st century with things you have access to without animals, because you still need to learn to shoot within schedule.
I'm all about encouraging people, but without skills a western will always be too much money.
And skills are things you obtain by doing.
You are only thinking like:
"My next short has to be my ticket to Hollywood"
It's good to have ambition.
But if you just refuse to work on your skills, because you paralize yourself with extreme high goals, you'll never make anything OR spend too much money on projects that are just beyond your grasp.
Your supergoal can stay:
"I'll make a short or feature that will be my ticket to Hollywood."
Now make a list what you need for that:
- something great
What do you need for that:
- skills
Why?
Skills are developed by experience. Experience means you learnt what works and what doesn't work.
Experience means you know what you are good at and where you really need help.
And as John Cleese says: 'To know you are good at something requires the same skill to be good at that same thing. In other words: people who have no idea what they are doing, have no idea that they have no idea what they are doing.
(Meaning: if you are a passionate, but bad filmmaker, you probably don't see you're a bad one.)
- How do you get skills?
By doing and making things.
- What do you need to make things to get skills?
Something you can do finish in a short time is a good start.
Why?
1) It gives you convidence you actually finished something.
(And this will make it easier to find people who would like to work with you.)
2) You gained experience and learnt
3) You have something you can actualy show
4) You'll probably found things you'd like to do differently next time
5) You'll be inspired to do more
So the next step will be to do more.
This can be:
- making something short again that explores a certain technique or a different style or genre or that continues from your previous project, but better and more complex (but not too complex)
This will lead to a 2nd project you can finish and show.
Now people can see you really are a filmmaker: you actualy finished 2 projects.
And the 2nd one shows either progress or diversity or even both.
This will give you more convidence to do a third project.
Maybe now you are ready for something bigger.
Maybe not.
It doesn't matter, just make your third project.
So.
Your immediate goal at this moment should be:
"I want to make a little short that can be shot in 1 or 2 days to have something to show.
It will have to be simple enough to make without spending a few hundred dollars.
Simple enough to edit in a few days.
No special effects that will delay it forever."
With this goal in mind, you wouldn't ask questions like:
"Is it worth shooting a Middle-Earth inspired short in New-Zealand or would that be too much money (at my level of experience)?"
I know.
Your next question will be (again):
"How can I write something short?"
Well, you have a few threads of them yourself.
I hope you have a spreadsheet to keep an overview of all your questions, because many people gave you ideas to make something short. So did I.
I can't help you overcomplicate simple ideas that people give to you.
Nor can I help you thinking that complicated ideas will be the simple way to Hollywood...