Of the Three and the Fading of the elves

[Inziladun]

Originally Posted by Gorthaur the Cruel

Can we also speculate that if mortal people were to dwell in the realms of Rivendell or Lorien (with Vilya and Nenya in effect), said people will turn eventually into gollum-like creatures and feel stretched within themselves, or is it a "pleasant" experience considering the differing nature of the One (evil) and the Three (good)?

I wouldn't think Bilbo was in danger of becoming like Gollum. He lived in Rivendell for 16 years with no apparent negative effects, as opposed to the 'thin and stretched' feeling he had begun to have just before he gave up the Ring.
Now, I don't think the slowing of decay in mortals caused by the Three could have been indefinite, but who knows? Had the One not been destroyed Bilbo might have had another decade or so in him.