My 2 cents for what its worth:
I think the only part elves contributed to in ringmaking was craftmanship. Even Feanor and the silmarils. I dont think any essense oozed out of them into their works.
Sauron in the 1st age was a part of Morgoths machinery. A high officer granted, but in this age his own natural abitlities were sufficient for his mission. By the second age, Sauron had seen an awsome defeat that (among other things) resulted in incredible destruction of ME, and his first taste of personal defeat by the jaws of Huan. The 2nd age we see Sauron as the Dark Lord - numero UNO. He needed more than what he could personally do to control the minds of men and elves, hence the need to craft the rings.
The girdle im not so sure. I need to research that, but I think it was for protection only. Galadriels ring caused no protection powers - only the slowing or abating of the effects of time.
It is an interesting notion that you have brought up. It definately brings up the elvish delima in ME. I think if your hypothesis played out, it would only temporarily (maybe 100-300 yrs..?../) delay the inevitable. The Long Defeat existed long before the 2nd age and the rings. It would eventually catch up with the elves, and probably wouldnt be pretty. I would see it as an culminating in a power struggle with mankind - who would of course eventually be supremely jealous and fearfull.
oh yea and mallorns came to ME from Numenor, which i would think ulitmately originated somewhere west of there
