Well, Smeagol is an interesting character because he is tragically relatable underneath it all. He was consumed by his greed, and completely lost his mind to it. His flashes of innocence and weakness make him at times sympathetic. But, then he reverts to Gollum and you see the consequences of his weakness, again and again.

That being said, being at times partially relatable does not make me want to be him, even in a video game. I think an interesting game where you play as Smeagol is absolutely possible, but that's an unnecessary uphill battle if I've ever seen one.