I think the only issue with this analogy is that Russell is never going to have the "Ring," regardless of what the Ring represents.
Really, getting a date with Taylor Swift, or winning "America's Got Talent," or having sex with Ariana Grande, or whatever, would be the worst thing that could possibly happen to Russell, because his entire worldview rests on the fiction that his problems would all vanish if only he could obtain [unobtainable thing]. I think this is part of why he seemingly prefers to pick impossible goals for himself. If his goals were more modest, he might be in danger of actually achieving them. If he succeeded in obtaining one of these big things he wants, he'd be forced to confront, however fleetingly, the fact that his problems spring from within himself rather than from exterior circumstance. Better to choose an impossible goal which will provide a permanent excuse for failure.