Let's suspend our beliefs for a bit of what we know as canon in the Tolkien universe and engage a hypothetical situation.
Let's suppose a couple of things:
- Suppose that Sauron never made the One (and never got involved with any ring-making business at all), but yet the Exiles of the First Age still figured out how to forge the Three (with the exact properties and potency as the ones made in the Second Age [Arrested time, enhanced natural powers of their bearers, unique elemental magic associated with each of the Three]).
- Suppose that these were made and completed after the ruin of Doriath, when its Maian Queen deserted it for invasion.
- Suppose that Luthien retained her Elvish life and Beren was also granted an Elvish lifespan after the resurrection of the two (in the manner of Earindil); and Finrod is resurrected and sent back along with them
- Suppose Vilya was sent to Luthien, Narya to Finrod, and Nenya to Galadriel
With these three mighty guardians wielding the Three, can we not suppose then that their kingdoms can survive... no even resist Sauron's onslaught of his dark magic ('cause Morgoth has already diminished in his native might), or an attack led by Glaurung and the Balrogs? Or at least the most guaranteed of the three would be Luthien, who is half Maia--who wields the mightiest ring, Vilya--reviving the ruined Menegroth? Would those kingdoms in the First Age fare better if said guardians (Luthien, Galadriel, and Finrod) had employed the Three, even in Morgoth's reign? Remember the native might of the bearers as well as their elven-rings when considering their survivability.