Elven Rings in the 1st Age

[Mnemosyne]

Eep.

Sorry, but I can't see such a situation in a positive light when you look at which elves were in Beleriand in the First Age.

Even in the Third Age Elrond to an extent and Galadriel especially are seen as embalmers, keeping their own little pockets of unchangingness. They manage to still be good characters only because they are willing to risk that loss in order to defeat Sauron.

But let's look at the First Age in contrast. About the only elf who would both have sufficient stature to justify getting one of the Three at all (assuming that they weren't made by Feanor, who would in that case have kept it within the family) and sufficient wisdom not to screw up having that kind of power was Finrod. Maybe (maybe maybe maybe) Union-era Maedhros.

By contrast, almost all the other Elves had major issues, whether with the Oath or pride or racism. And then there's the fact that there are so many of them and they're all so powerful... More powerful might not only increase negative, embalming-type traits, but also might end up destroying the very land they were trying to save (as the Valar did during the War of Wrath).

So, yeah, sure the Elves would have held out longer, but during that amount of time those Elves who didn't have Rings--and the Men under their protection--would assuredly have been wiped out.

And if the Elves did manage to beat Morgoth on their own... think of how much that would have changed everything else.