1) Because he was old? Respect for your elders?
2) he would not have needed the ring, he gave it freely to gandalf, I doubt he expected it back.
3) I don't think it would have changed that much, Gandalf had powers without the ring, it just made him more powerful.
4) I think that his job involved the general help of all Elves travelling west over the sea.
5) His intention was to wait for the last ship. He must have had prophetic powers as well because when Gandalf arived he gave him the ring saying that gandalf would have use of it. (sorry don't have exact quote)
6) thanks to Tirned Tinnu's quote, yes he did go west with the last ship
7) I don't think he would have gotten bored. He probebly had a lot of stuff to do, like building big ships. He was also often involved with the goings on in ME.
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