The Hobbit Ring-Lord?

[Kransha]

I am no dwarf, so my skills in deep-delving are not up to standard, but I do what I can. I've glanced, lately, at Tolkien's letter, and, via some hints from Tolkien and others, found this interesting tidbit and begun a brief phase of contemplation about an alternate scenario. I'm afraid I have no deep philosophical question to pose, just a technical one. I wonder now if this question has been entertained before. I couldn't find anything specific here on the Barrow-Downs, so I doubt the presence of a duplicate. But, I digress. Onto the query.

In Tolkien's Letters, the one numbered #246, Tolkien himself poses a question of sorts, and answers it. He, in this letter, discusses an a deviation from the story of The Lord of the Rings that might've occured. We know, of course, that the One Ring, the Ring of Power, plumetted into the chasm of fire in Orodruin, in the reality we know, but, what would've occured had Gollum failed to get the Ring from an invisible hobbit, Frodo, and been cast or fallen into Mt. Doom without it. This would leave Frodo with the Ring, having claimed it as his own, and poor Sam to make a very complex decision. But, that decision (would Sam push Frodo in) is not the one that I'm wondering about. The other factor of this is that, while all this was going on, the 8 Nazgûl (minus the Witch-King, thanks to Éowyn and Merry) were flying to Orodruin at the behest of Sauron. But, in Letter #246, Tolkien says that, if the Nazgûl had gotten to Frodo after he became the new "Lord of the Ring[s]"...

...they would have obeyed or feigned to obey any minor commands of his that did not interfere with their errand… That errand was to remove Frodo from the Crack . . . They would have greeted Frodo as ‘Lord’ . . . and induced him to leave Sammath Naur to look upon his new kingdom…
-Tolkien Letter #246

Well, that's a fine kettle of fish. If Frodo left Sammath Naur as the Nazgûl desired, their orders from Sauron would have been fulfilled and, to some extent, Frodo could command them. Here, things seem complicated. Was Frodo even sane enough at the time to really comprehend being the chief of the 8 Nazgûl. Would the Nazgûl listen to Sauron exclusively, Frodo exclusively, or both? Sauron still held them in servitude because of their nine rings, but the Lord of the Rings would be Frodo. Am I way off in thinking that the Nazgûl would follow Frodo's commands at all? If he, immediately, told them to level Sauron's ranks instead of those from Minas Tirith?

I doubt that the orcs of Mordor would react in the same way as the Nazgûl, obviously, since they are more servants of Sauron then the Ring, but the Nazgûl were great enemies of forces of good and, with both Eagles of Manwë and Nazgûl riding Fellbeasts attacking the orc-host at Morannon, could the orcs win, as they almost definately would've if all had gone as it was going. Sauron was defeated once before, and he did have posession of the Ring, thus was more powerful. The Sauron of the Third Age was weaker, in my opinion, especially without the Ring. Would he still be able to keep his forces ordered with another Ringmaster running around? Would the whole situation immediately backfire on Frodo? Oh, the confusion that such thoughts invariably wreak. Who's to say what would happen? I suppose that, if any answers can be given, I'd desperately like to know.

But, beyond all of this, there are even more alternate scenarios to consider. If Frodo really claim the Ring as his own, in more of a way than any before, or would he simply become a shade and a weak, reclusive, maddened creature like Gollum. Gollum never really had the oppurtunity to command, and Tolkien himself gives evidence that the Ringwraiths would listen to Frodo's whims, at least momentarily. What kind of whims are we talking about? How would friends and foes react? Would the Quest of the Ring end in everlasting victory (Frodo casts the ring/is pushed into the fire), everlasting defeat (Sauron's slaves are still in his thrall, and the Nazgûl take the Ring for Sauron), shortlived victory (Frodo keeps the Ring, but Sauron cannot be fully defeated because the Ring remains; Frodo does good instead of ill), or shortlived defeat (Frodo 'amscray's with the Ring, just to escape it all, and Sauron gains the upper hand because the Ring remains undestroyed but unused)? Am I still reading the wrong book, thinking the wrong thoughts, what?

I have other thoughts on this, but, if these questions inspire discussion, or just straight answers, I'll be happy enough to serve.