That's an unusual interpretation that I don't think I've run across before. I'll have to think about that. What I always forget is that Frodo himself succumbs to the Ring's power in the final moment, but your interpretation argues that Frodo has already placed a geis of some sort on the Ring by that point, so his "failure" seems moot.

I've run across a terrific comparison of Wagner's and Tolkien's rings that I'll post about later.