Burra - I'd say killing someone and taking his wife and crown is rather immoral. His ring did not cause him to be immoral, however, he just took advantage of it.
The real comparison I can see is to Bilbo. When he first puts the ring on he is not swept away by feelings of greatness (at least as far as we know) which may mean that the influence of Sauron was simply less strong. Like Gyges, he could have killed using his new powers, but he did not. This seems like a more direct comparison, and even better argument for the morality in Tolkien. It is the pity of Bilbo (and Frodo) that saves them all, to paraphrase Gandalf. So, morality is rewarded far along the way, but not immediately.
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But then there was a star danced, and under that was I born.
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