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This may be beside the point, but I think that your interpretation is far from the only one the book supports; I don't think it's "very clear" in the book. On the contrary, it is several times suggested that Bilbo had started to become corrupted by and possessive of the Ring.
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Yes, but.
There's nowhere a suggestion that the Ring produces an instantaneous or even long-term change in physical being (aside from invisibility)- indeed its tendency is rather the opposite.* On the other hand, the Ring very clearly affects the sensory perceptions.
*Gollum's physical appearance: caused by the Ring, directly, or merely by extreme and unnatural age, combined with centuries in the dark?