Yes, the important point is whether Saruman (or anyone for that matter) could
master the Ring. Saruman did possess a lot of Ring-lore, but whether it was deep or comprehensive enough to truly master the Ring is something we could only guess at - and I have to say that I think it would not have been; one of Saruman's failings is that he puts too much store in his own learning. But, it is possible that even with a
little knowledge Saruman could do
something. What would be most likely would be for him to cause chaos, but ultimately he would not have the mastery of the Ring.
I'm not sure whether status would have had that much to do with mastering the Ring, I get the impression that it took understanding of the Ring to master it; couldn't anyone could have the potential to understand it? And as I say above, it might not be possible for
anyone apart from Sauron to truly master it (leaving Tom Bombadil aside
). This is why it has to be destroyed. It only has one owner, and that owner means to use it for evil ends. No-one else can really master it, and its true master must not be allowed to master it.