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In the last meeting of the White Council, Gandalf had the knowledge that Bilbo's ring description was similar that of Sauron. Gandalf had all of the information that he needed to find out if Bilbo's was that of Sauron just 11 years after Bilbo returned to the Shire.
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Incorrect. “Similar” is not “same.” Note the quote comparing it to the appearance of “lesser rings.” (As a side note, there had to be other lesser rings besides the dwarf, elf, and human rings. Each of those was described as having a particular gemstone. The point of comparison was that the One Ring had no gem. If it was compared to other rings lacking gemstones, there must have been other lesser rings of the same make to compare it to.)
Anyway, Gandalf was uncertain how to determine if the Ring was The One rather than one of the lesser rings. That is why he was trying to find Gollum for all those years. He hoped to find a clue. He did not know that fire would bring out the letters that would reveal the Ring until he read that in Minas Tirith. (And I don’t want to hear anything about Gandalf tossing the Ring into a fire beforehand just to see what would happen. I’m sure your first step in determining the properties of a unique item is to try to destroy it.) Just because the idea of trying to find some writing of Isildur in Minas Tirith did not occur to Gandalf until the hunt for Gollum appeared certain to prove fruitless does not make him incompetent. Not even wizards can think of everything all the time.
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If the wise could not mount an effective search for the most important artifact of the Age in more than 2000 years, they have to be incompetent.
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This statement is presenting a false either/or situation (particularly since you did not bother to answer the gist of my suggestion). This is not so simple a matter as to be an either/or. If the Wise are to be judged by such a standard then the standard must be applied to their Enemy as well. The obvious correlation is since Sauron failed to conquer the world in several millennia of trying, he has to be incompetent. He is also incompetent because it took him so long to figure out what had happened to the Ring.
If everyone in the tale is incompetent then competence ceases to have any meaning because nobody possesses it. It tends to render this whole discussion rather pointless.