By all means read the Hobbit first... it sets the scene for the LOTR seris & if you skip it, a lot of otherwise great parts of the book LOTR seris won't mean nearly as much.
Also in addition to making sure you don't buy any of the edited versions of the stories, make absolutely certain you get complete & unabridged versions too ... many of the collections & 3-in-1 combo books have pieces cut out. Buy complete stand-alone versions of each individual book only.
Edit: Read the Simarillion last ... not only will it make very little sense if you try to read it first, its best read in pieces as its not really intended to to tell any one cohesive story.