It's an interesting subject.
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Would the Ring have been as strong/potent/powerful if it had been made of, oh say, Mithril?
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I would say (if one subscribes to the idea that mithril is M-free) that mabye a ring of power would be less apt for evil purposes, more potent for benevolent use..?..?
Martinez' was also proposing in his essay the idea that that the reason dragons hoarded gold (and gems etc.) was that they sustained themselves on it. I suppose the thought being that laying on a big pile of gold, a dragon could absorb some of the M element..?..?