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Toybiz 12" Venom arrived today. He's actually closer to 13". Very impressive figure all around. I grabbed the only 1:6 sword I had around and stuck it in his hand (whatever sword I make for the balrog will need to have a much thicker handle). I think he'll make a great Balrog.
One thing I am presently unsure of is if I can do a convincing digitigrade conversion without losing his posability. His ankle swivel is pegged somewhere below the shin, so I can probably just heat it up and pop his feet out. I would have to model and print Balrog feet for him and I'm not sure if I could make them articulated while being structurally sound, but it might be a good challenge.
The alternative is to just take some artistic liberty and make him plantigrade, although I'm not sure if it'd sell the illusion enough. Also, to keep him table-stable, the balrog feet (if I do go digitigrade) will probably have to be big stompy feet.