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If Sauron hadn't created the one ring he would not be able to come back in the third age (He was fully incarnated at the time of the war of the last alliance).
If he would have been able to become the dark lord without the one ring is another matter. Some say that the one ring had the very narrow purpose of only dominating the other rings. If you take that view the one ring was essentially a failure and not necessary for Sauron to become the powerful ruler he was in the original timeline.
On the other hand, some speculate that the one ring made it possible for Sauron to somehow control the "Morgoth Element" ... if you take that view the one ring was actually not only successful but the foundation and cornerstone of Saurons rise to power.
If Borormir had claimed the kingship I'm certain that this decision (and the ensuing civil war) would have destroyed gondor. There are a lot of houses more noble (and with connections to the house of Anarion) than the House of Hurin. The decision to let the stewards rule was a compromise between the great houses of gondor to prevent another civil war and it worked so well precisely because the stewards were a relatively lesser house that couldn't hope to claim kingship and was dependent on the other great houses - a house of cards that falls if a steward decides to rock the boat.
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