Elven Rings in the 1st Age

[Inziladun]

As a hypothetical scenario it's an interesting exercise, but I very much doubt the Elves would have been successful against Morgoth, even aided by the Three.
First off, it took Sauron's knowledge and assistance to enable the Three to be made. That aside, it is made clear in LOTR that the Keepers of the Three could not resist even a Ringless Sauron indefinitely.
That being the case, it is that much less likely they could have done much with the Three to defend themselves against Sauron's mentor and one-time master.