I'm not going to bother making things more complicated than they need to be. I'm not concerned with the flavor of Bilbo starting in Bag End with the Ring, and if flavor here is your chief concern, just keep in mind that - technically - the film opens with an older Bilbo in the Shire, already possessing the Ring!
Now to be truthful, I don't have anything more in mind for this set's rare Ring than a broad 'deal with shadow cards' theme. So I'll just throw something out and see if it sticks:
•The One Ring, The Precious
Skirmish: Wear The One Ring until the regroup phase to make a minion skirmishing the Ring-bearer lose all strength bonuses until the regroup phase.
While the Ring-bearer is wearing The One Ring, each time he or she is about to take a wound, add a burden instead.
"'Losst it is, my precious, lost, lost! Curse us and crush us, my precious is lost!'"H1R1
Like I said a second ago, this is just the first pass. I don't want to put any static strength/vitality/resistance bonuses on this Ring, as (in my mind) this version of the Ring comes from a time before it awakens to Sauron's call, meaning its power should be more subdued. I think this one is pretty freakin weak, especially since the rare Bilbo cares only about the Ring he's got.
Also, with the way this is currently worded, using Bilbo's ability to wear the Ring outside of the skirmish phase won't allow you to cancel a minion's bonuses.
•
The One Ring, The Ruling Ring ![The One Ring [Ring]](https://lotrtcgdb.com/forums/Smileys/classic/ring.gif)
Strength +1
Response: If the Ring-bearer is about to take a wound in a skirmish, he or she wears The One Ring until the regroup phase.
While the Ring-bearer is wearing The One Ring, each time he or she is about to take a wound in a skirmish, add a burden instead.
"One Ring to rule them all..."H1C2
Now, Bilbo can also use the old reprinted Ring to his advantage, making it no longer limited to just a skirmish at the cost of an additional burden.