Even though Celebrimbor made the Three on his own, the One Ring could still control them. That was why, when Sauron first wore the One and uttered the infamous inscription, the elves who wore the three (possibly only two were being worn at the time) could hear him, and they took off their rings. There would have been much less concern on the parts of Elrond and Galadriel if Sauron could not use the One to control their rings of power.
I don't believe that he would have been able to shoot fire out of Narya, or create massive floods with Nenya - I don't think the Three worked like that. Maybe if they were in Harry Potter, they would, but they aren't. I think that by using the One, Sauron would have exposed Rivendell and Lórien to attack, removing all doubt of where they were and also any security they had. Much like the Girdle of Melian being broken when Thingol was killed.
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But Gwindor answered: 'The doom lies in yourself, not in your name'.
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