This is coming -- A new translation of Beowulf by J.R.R. Tolkien. And I am very excited too. I collect translations of Beowulf (have since I was a kid and stole my brother's copy of Rosemary Sutcliff's retelling with with fabulous and scary illustrations by Charles Keeping). As an adult I have loved Seamus Heaney's Translation -- which while it isn't illustrated, there are kickass videos on youtube of the poet reading the text. An now this one: Tolkien's 1920-30s translation and commentary and lectures which looks absolutely terrific. Here's is a quote from Christopher Tolkien about the forthcoming work (May, 22, 2014) from Harper Collins:
"The translation of Beowulf by J.R.R. Tolkien was an early work, very distinctive in its mode, completed in 1926: he returned to it later to make hasty corrections, but seems never to have considered its publication. This edition is twofold, for there exists an illuminating commentary on the text of the poem by the translator himself, in the written form of a series of lectures given at Oxford in the 1930s; and from these lectures a substantial selection has been made, to form also a commentary on the translation in this book."
Illustration by Charles Keeping from the Kevin Crossley Holland retelling.