I think the way it works is fine I just wish that when you were tempted you didn't have to pick a different creature every time to become a ringbearer, moving the ring around is kind of a pain. You should be able to pay mana or pay 1-2 life to keep that creature as your ring bearer.
Oh, I just re-read it. That kinda sucks...even more of a flavor fail than I thought. I saw it as the ring tempting other creatures and them fighting over it. Dang that's just, here's a good aura essentially.