Speculation on Smaug and the One Ring

[Sardy]

This topic occured to me while reading Groin Redbeard's "Dragon's Flame, Magical?" thread.

It's been written that dragon fire could melt and consume the Rings of Power, but there is not now any dragon left on earth in which the old fire is hot enough. For the purposes of this speculation, let's assume that this writing is taking into account the demise of Smaug, and that, had he still lived, Smaug's flame might have indeed been strong enough to destroy the One Ring (or any ring of power, for that matter).

I would like to speculate on Gandalf (and later the Council of Elrond, and anyone else who might be in a position to have input) devising an alternate strategy for destroying the One Ring. Had things gone differently---had Smaug lived---how might things have played out?

Surely, Smaug's potential as a weapon of Sauron is terrifying. But how too might Smaug's own greed be used to the benefit of the Free Peoples? Could a strategy be devised to use Smaug to destroy the One Ring, rather than sending the Fellowship to Mt. Doom?