What if SMAUG had gotten The One Ring?

[Insidious Rex]

I like the idea of a Dragon with a nose ring. But the original question begs the question is the ring self malleable? I mean it did fit snugly on Saurons giant [movie] fingers and Bilbos/Frodos tiny ones. Does the ring have any control over its sizing ability when it wants to be found/worn? My guess is no but its worth asking. As for the dragon, I think this is one of those universe mixing questions. Tolkien didnt have in mind the potential of others using the ring in any form in The Hobbit like he did in Lord of the Rings where the concept of others wielding it is discussed to some level. Now my question is what would have happened if he had eaten Bilbo and therefore the ring? Would he become invisible or do you have to have it on your finger? And would he have been able to feel something powerful and evil passing through his gut? Or would he have thought it was just a bad Dwarf he just ate? (which begs the next question... does Smaug eat and if so what does he eat? I dont remeber any mention of him feeding on Laketown men since he landed on the mountain. And the dwarves havent been around since then either. Does he eat wild animals? You would think he would be noticed hunting down an elk or a bear or something. Or is he in an extended state of inactivity where food isnt necessary for long stretches? Python like.)