I think Smaug's own pride and sense of superiority would not allow him to be controlled by others not even Sauron, but I do believe that feeding his greed with promises of riches and perhaps even the northlands themselves Sauron could thus manipulate the dragon to his will, elimanating any threat from Rivendell or perhaps even Lorien. This to me would be the threat Gandalf feared. However the flaw in this plan would be if Smaug happened upon the ring a trinket I do not think he would give up willingly and then Sauron himself would be forced to destroy the Wyrm and take the ring.
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Yet Smaug knew that Bilbo was there.
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It was only the Wrym's heightened sense of smell and hearing that led him to know that Bilbo was there, even wearing the ring. But still he could not see him. so really it is irrelivent how quiet or sneaky Bilbo was if the Wyrm was awake he would smell him, like many real life predatory animals of today.
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"Well, theif! I smell you and feel your air. I hear your breath. Come along! Help yourself again, there is plenty and to spare!"
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And as for Morgoth not being able to create Dragons I'm not entirely convinced If we can dismiss this possibility? For if Aule could make the dwarves and Yavanna the ents, then is it not then pausible that Morgoth could have created the dragons?