I always thought that if they waited in Rivendell, Lorien and where ever that eventually they would be defeated even if they still had possesion of the ring! I FotR I think its the first page of Chpt Journey in the dark, Gandalf says (on returning back to Rivendell)"To turn back now would be to admit defeat, for sooner rather than later Rivendell will be under siege and will be destryoed in a brief and bitter time" Its not the exact quote but you get the idea. Also Elrond says something like "We have not the power here or in Lorien or The Grey Havens to repell Sauron for ever"- when Glorfindel talks about hiding the ring or casting it into the sea.
Just a thought!!
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