I hope I'm not just re-iterating Elendur's point previously but I thought the one ring allowed him to control all the other rings, even the three elven rings in which he spent none of his power. Therefore, it makes sense he'd be more powerful with the ring than before he made it.
It's like one guy builds a TV the other a remote control. Who has more power and who spent more power?
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"Come away, O human child!/ To the waters and the wild/With a faery hand in hand,/ For the world's more full of weeping than you can understand."
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