Regarding the body I agree that it was to have influence and control in the physical world.
Regarding the ring, we can easily see and know that by pouring his power into an artifact his power increased more than the original value. But why a ring? A couple ideas I had is the concept of a ring in the representation of something intimate like a marriage. Sauron had pledged himself to this cause and essentially created a marriage convenant...it's a bit of a stretch but understandable too. Also, rings are not easy to loose if they fit you and you don't take them off. Generally they are easy to guard and you always know it is on. Also it's, especially Sauron's ring, is a fairly innocuous object and doesn't immediately draw attention unto itself.
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“I wish it need not have happened in my time," said Frodo.
"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us.”
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