I can udnerstand the repentance part, but Elrond wasn't stupid: he knew that the Ring was made for Sauron alone. I mean, Sauron forged it, bringing all of those who possessed a ring that he previously gave under his power.
I tell you again: Elrond wasn't stupid. Whether it be too much power for man to harness or that it was plainly an amazingly evil artifact, he knew that the Ring was not to be taken out of the doorstep of the Mount Doom in its entirety. He knew that the only way to ensure the safety of Middle-Earth, whether he knew Isildur would rise to power or not, was to talk or force Isildur to cast it into the heart of the volcano.
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