Absolutely. The Valar would love to have the One Ring on their shores. They are huge fans of anyone aligned with Morgoth. Having the One Ring, with all of the power Sauron bestowed on it, it’s corrupting influence working it’s way into the minds of the Eldar, would be the best thing since Ungoliant drank the sap of Laurelin and Telperion. The Valar would be like “Hell yeah, brother!” and totally would not prevent the Ring from reaching the shores of Valinor