In answer to the last question, unless the Ring was destroyed, it would have found its way back to its Master. It slipped Gollum's finger once, so it could do so again - with more terrible consequences if it did so in Mordor.
I agree that, if Sauron had regained the Ring, Gandalf would probably have been unable to defeat him, even using his full powers.
Which raises the question: would the Valar then have had no option but to intervene?
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Do you mind? I'm busy doing the fishstick. It's a very delicate state of mind!
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