Frodo as Gollum?

[The Only Real Estel]

So, I really don't see a possibility of Frodo containing the Ring long enough to get him to turn into hideousness

True, but if you have seen the documentary in the TTT EE on the scene in question here, then you've heard PJ's description of what the scene is for. He said that it was a picture of what Frodo would become if he were allowed to keep the Ring (given the proper amount of time). So it seems that Jackson was most likely never intending to mean that Frodo would have, beyond a shadow of a doubt, ended up looking like that, twisted & wretched.