I disagree with the build entirely.
For one, the power of the One Ring is fantastic. It's enough to change the course of a war. All of the Great Rings give the bearer of that Ring power, power over a part of Middle Earth. The three Elven Rings were used in The Lord of the Rings with such effect ;
Nenya (the ring Galadriel bore) kept Lothlorien timeless and a paradise of the Elder Days in Middle Earth. There was nothing about the Elves in Lorien that kept the Mallorn trees growing and that sense of timelessness, that ward from the troubles of Middle Earth. Lorien was nestled between the hordes of Goblins in the Misty Mountains, in their fastness in Moria, and Dol Guldur, the former seat of Sauron's power in the Third Age, crawling with Orcs and the Nazgul. But it came at a cost. The Elves of Lorien were so insular, so cut off from their kin, that Legolas had never been there, that they viewed all outsiders with suspicion. They had forgotten the light in other lands, even viewing Fangorn to the south as "perilous" (and Treebeard, later, comments that Lothlorien had diminished, that it was falling even while being timeless).
Vilya, the ring Elrond bore, seemed to be used to keep Imladris secret and safe. It is also possible it gave him the extra wisdom of healing he seemed to posses unlike any other in Middle Earth (like removing a tiny fragment of the Witch King's blade from near Frodo's heart).
Narya, the ring Gandalf bore, seemed capable of stirring hearts, of lighting fires in men's hearts and driving them on to do the unthinkable, kindling courage. It was also the ring of Fire, and Gandalf's spells of fire were the most showy and potent seeming of all the wizard's magic (in the books, Saruman did not hurl fireballs).
Each of the Elven Rings, and all of the other Great Rings, were imbued with the power of command and authority over the races they were made to serve. This was not, as is appropriate with Tolkien, a form of mind control these Rings were meant to achieve. They were symbols of authority, beacons to their people. The Rings were crowns in a physical sense, and in a spiritual sense. The bearer of one of the Nine Rings was a King - they were given to Kings, and Kings would bear them. To the bearer, that Kingliness was bestowed. Elrond was the Chief of his tribe of Elves in Imladris (Rivendell). Seeing something here? The Rings gave an Aspect. An Aspect that no one else could possess without that Ring. Galadriel was the Lady of Light, not because she had Nenya. She and Nenya were the same person, in essence - Nenya belonged on the finger of the Lady of Light, and the Lady of Light was made greater by wearing Nenya.
Each one of these rings could do fantastic things in Middle Earth. They were powerless outside of Middle Earth (from Galadriel's dialogue to Frodo). The One Ring was made by Sauron after he learned the making of Rings from the Elf Smith Celibrimbor (a descendant of no less than Fëanor himself). He sought to control all the Rings that had been made, and perhaps any further Great Rings that existed afterwards (which the Elven Smiths were wise enough not to produce any more of). The Dwarven Rings, the Nine, were all made with the aid of Sauron, while the Three had not been, but by pouring the majority of his spirit into the One Ring, Sauron gave it enough power to act as a Ruling Ring. It would allow him to control the minds of any who bore those Rings. It would remove, in the end, the last few bright hopes for goodness that remained in Middle Earth (the kingdoms of Elves who had seen the light of the Valinor), and Sauron would be uncontested in Middle Earth. The One Ring, unlike all of the other, usurped the chain of partnership between bearer and Ring. It made the bearer of the One Ring the Master, the one who rules without the right to do so. Look how he made it. He stole the secrets through trickery and deception. He made the One Ring without the consent or wishes of any of the other Ring bearers, and he made it by subverting the natural laws of Middle Earth, pouring all his might into it to make it so. Sauron cheated and abused himself and the world to make the One Ring.
On the hand of any mortal, the One Ring would make him or her invisible to human sight, partially drawing them into the spirit world. It gave them small amounts of mastery over others, according to their stature. Frodo was already a wealthy and dignified man by Hobbit standards (he didn't work, he was that rich, and he was noble in spirit in the way Tolkien wrote about noble spirits). Aragorn / Strider, who had the right to claim the throne of Gondor and Arnor, would have been capable of much, much more with the One Ring. Even Boromir was the son of the Steward of Gondor, the Captain of the armies of Gondor - his power of command would have been great. Frodo managed to bind Gollum into service (of the nature of service Gollum could render - treacherous and loathsome), not only because Gollum had been a Ring-bearer, but because Frodo had the power of that command upon him. The Ring does not prolong life - it delays death. It prevents the bearer from gaining more life from the world, from growing and being part of that flow, hence the lack of aging. Long periods of this do awful things to a mortal (see Gollum, who Bilbo clearly didn't even recognize as a Hobbit).
It bestows, as all of the Great Rings do, an Aspect upon the bearer - THE BEARER OF THE ONE RING. And that Aspect can be compelled to the nature of that Aspect. Galadriel has the Aspect, THE BEARER OF NENYA, which the GM could compel to make her assume matters relating to the Elven tribes, to remain staid and constant when change would be wiser. Remember, she suspected Saruman, but did not speak up when matters made him head of the White Council over Gandalf, whom she favoured. When Frodo wants to put on the One Ring in the presence of the Nazgul, the Ring isn't "telling" him to. There's no voice in the Ring. The One Ring tempts the bearer using the bearer's own dark deeds and thoughts. This is why Gollum fell so easily to the Ring, and why Frodo (Frodo being a very, very noble spirit) didn't until the very end.
There's a lot more to it, but there you have it. The One Ring is better served, as are most of the Rings, as plot devices in that context than magical trinkets. They are more "parts of the world smote into Rings" than "bits of magic guided to a purpose".
