Yeah, those are some pretty valid points. However, since Sauron shares a similar purpose to Melkor, and the Balrogs sought to serve Melkor, it would be in their best interests to use the ring in some way. I just remembered that the ring is still just a ring.
Revised theory:
The Balrog was definitely awoken by the Fellowship's interference and calamity of the goblins, and Gandalf seemed to know that it was coming instantly. It would have gone towards the source of commotion, which was the Fellowship. The Balrog could not have known about the ring and was attacking the Fellowship because they woke him up.
Belegorn, I doubt that the ring would have any effect on the Valar, as they are essentially gods.
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