Let's say Gandalf, Elrond, et. al. decide that it may
be "wise" to hide or protect the Ring for a while
(hey, at least elves and maia might escape Middle-earth
).
For one, how about putting it on an island?
While it's speculative, how absolute is
the dislike/fear for water bodies by Sauron and
his chums and was it a defining barrier?
For example, there are at least three
islands west/northwest of East Beleriand
http://www.tuckborough.net/coastal.html#Tol_Fuin
http://vaugnfreech.tripod.com/evandil/id6.html
The only effective ways for Sauron to get it, if he found
out where it was, would seem to be flying nazgul
(probably dizzy over Ulmo's ocean)
or the corsairs- but they'd be questionable since even
if they succeeded their leaders would probably then
want the Ring. And the very fact of the Ring's existence
in a place inaccesible directly for Sauron, could cause
envy, desire, unrest among even his forces.
And if sauron heard of it on an island beyond, say,
east Beleriand he might be tempted (being a rather
hasty maia) to push right through bypassing much of Rohan,
Gondor, Lorien, and Rhovannion---leaving himself open
to harassing and sapping attacks. Of course, there could
be a certain hobbit attrition.