What if Smaug the dragon lived?

[Armetiel]

from UT (Gandalfs POV)

You may think that Rivendell was out of his reach, but I did not think so. The state of things in the North was very bad. The kindom under the Mountain and the strong Med of Dale were no more. To resist any force that Suaron might send to regain the northern passes in the mountains and the old lands of Angmar there were only the Dwarves of the Iron Hlls, and behind them lay a desolation and a Dragon. The Dragon, Sauron might use with terrible effect. Often I said to myself: "I must find some means of dealing with Smaug.