Angry Hill Troll
You make some very interesting views. I also think that the will of Morgoth was in the One Ring, or at least in the making of it. The will of Morgoth was in all evil things, so therefore it must be in the One Ring. Sauron was indeed a Maia however, and had power over many earthly things, so I wouldn't put it past his powers. He was the dominator of wills, and the One Ring was his guide in doing so.
Concerning the three Elven rings, I'm not sure where I stand. Perhaps they were a part of the Valar but perhaps you have just run into a timely coincidence (which either way is very fun in imagining). If you look at it from a simple standpoint though, it seems you would be correct. Manwe, lord of the air, would indeed have a part in all things of the air, would he not? So how could he NOT have a part in the elven ring wrought with the mere power of the element of the air? It would therefore make Manwe not the ruler of the skies if he could not (or did not) govern all things that were related to the sky. Aule isn't necessarily the ruler of fire however, not specifically anyway, but it still makes sense. Aule was a master of crafts if I'm not mistaken, but therefore he would indeed have mastery over fire.
Concering the quote from Elrond saying that the Valar would not let the ring come into the west doesn't justify hardly anything, for the Blessed Relm was to be free from all evil, whether it be an orc or the One Ring makes little difference. It was the fact that that the ring was evil (in my opinion) and wrought from evil.
However you claim that Sauron increased his power so to speak with the making of the ring. It seems not so to me. To me it seems as if the ring was more a weapon than a 'buffer' so to speak. Morgoth didn't need to make a ring because no one could withstand him anyway. And Sauron had great power, and was not made to perish on the earth for he was a Maia which no man could vanquish completely. He could however, dominate people's will, and thus he did with the One Ring. It doesn't seem to me it made him physically stronger.
The last conflict between your theories that I seem to catch is that Sauron's ring was more powerful than any of the Elven rings, so for this to happen the ring would have to have come from Morgoth somehow (because only Morgoth was stronger than the Valar) and it's obvious that Sauron wasn't stronger than the Valar, or even mightiest of the Maia (as proven when he was overtaken by Huan). But now the problem in this is that the Elves made the rings, not Sauron, and it seems very unlikely that somehow Morgoth could have possesed the minds or hands of Celebrimbor (the maker of the three) and it is said that Sauron never possesed the three rings, which leads me to think upon these rings as powers of the Valar, as you have said before.
So here we are back at the beginning of the delima, but it proved a fun ride nonetheless and I would love to write more about it in posts to come
