While I have no doubt that many of the Free peoples would try to go guerilla for a while, I'm not quite so sure they would "eventually" succeed. Sauron would just be too overpowered for me to believe that, given enough time (and he is technically immortal) a re-powered Sauron would not eventually squash down ALL non divine resistance. His Nazgul would be more terrifying than ever (and their ability to basically cause men's hearts to fail would probably be turned up to 11). Plus unlike previous times they can now FLY so it will be a LOT harder to evade/escape them.
Galadriel is a similar situation (as it Elrond). However much they are willing to stand their ground, they just wouldn't have the might. If Sauron has the One ring, they don't DARE use thiers, for ANY reason. They could try and hide in the forests and play Guerrilla from there, but I imagine that his time with Saruman in his employ has let Sauron see his methods, and the idea of "cut/burn down the forests where the elves are would probably be on his strategies pretty early. (he'd want the remaning ents dealt with eventually anyway, and no forests basically knocks them out.
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