For most of the main characters they hunted round and came up with faces and names people aren't familiar with, and perhaps that was the way to deal with Galadriel. Cate Blanchett is beautiful enough, but maybe a little too human looking. There's probably some totally unknown actress around who'd be perfect.

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"Woe to them if we prove swifter. We will make such a chase as shall be accounted a marvel among the Three Kindreds: Elves, Dwarves and Men. Forth the Three Hunters"

"Let's go hunt some Orc" is more succinct, I grant. But...