Did Gandalf have a Plan "B"?

[Rhod the Red]

Plan B would probably to give it to an Elf in Rivendell to either take it to the Sea and throw it in there or look for a scroll that tells of a way to destroy it somehow other than return it to Mount Doom. The former was discussed at the CoE, no Elves took it for fear of their lives and integrity.

Gandalf acted and thought in knowledge that he and the Free Peoples would have little ability to mould events; therefore he had the mood that they must simply do the best they can. But also mindful that events make history; people just ride them. In a manner of speaking. The Istari were prohibited from using magic in a massive scale, especially near in rivalry of Souron. Their role was to advise and lobby so that he'd be defeated.