Minor Correction is necessary:
Saruman could not have been envious of Mithrandir, at least not for the reason that he carried a ring. Why is this? Just the simple fact that Curunir did not know that Gandalf possessed it! In th Silmarillion in the "Of the Rings of Power and the Third Age", it states, "But the Red Ring remained hidden until the end, and none save Elrond, and Galadriel, and Cirdan knew to whom it had been committed." Otherwise i think your theory is quite possible, yet not grounded. Another possible theory is simply that he needed an army because he had hopes to retrieving the ring for himself and setting himself up as lord. Although his power would be great, an army would make conquest quicker.
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