Hi, Morsul!
Did you use to post in this thread a few years ago? I have a feeling the first password I tried to solve here was one of yours!
Excellent try and nice reasoning.
You have given the correct synonym for untruth: LIE = three of the letters of the clue.
You need a different synonym for venture.
Nothing to do with Goliath and Goliath is no element of the puzzle.
'Note well' is just a way of garnering some more letters.
(Huge hint!)
Not Mirkwood. Another hint ... perhaps I should have said (to make it easier) 'There *were* webs of horror.'
As a Tolkien character does ....