[Kalimac]

Just to be slightly picky (about the earlier point that Sauron can't technically be said to be the Lord of the Elven-Rings) isn't it implied early on - and no, I haven't got the book to hand, alas - that the Elves were rather overreaching themselves by making the Three? Not that the three were inherently bad the way the One was, but that they were getting a little too much hubris by doing this - and that the end result was that they ended up giving the store away to Sauron. Sorry, it's a bit late and I'm not thinking terribly clearly, but you could say that if that were the case, Sauron could be considered the Lord of the Rings because it was by his plotting and the hubris of the Elves that the Three fell under the One's domination. Or something along those lines.