User blog comment:Bolg, son of Azog/Morgoth Bauglir and the One Ring/@comment-98.125.45.108-20130825030328

Almost certainly not. The One Ring was created by, with, and of the power of Sauron, a Maiar. A very powerful Maiar, to be sure, but inferior by far to even the weakest of the Valar. Therefore, it could have no more power than that of Sauron himself. Though the Ring would have been useful indeed in the wars against the Elves and Men, it would have been a drop in the ocean in the greater war between Morgoth and the Valar.