I think the basic concepts here have been discussed before. I'm pretty sure Sauron could've made himself invisible without the Ring, before or after it was forged. Sauron used the Ring to control the others, and its will was his will. It was him. Not all of him, but him nonetheless. The invisibility effect on others reflects the idea that no one could bend the will of the Ring to his own desires, save Sauron, who was the Ring.
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...take counsel with thyself, and remember who and what thou art.
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