Correct. Elf's would be the worst ring carriers because their strong ties to magic. Elrond would have been possessed by the ring the moment he touched it.
This is part of why galandrial was so excited for herself when she resisted.
She was pretty clear on what her having the ring would mean (at least in her mind, but she was generally pretty smart):
...in place of a Dark Lord you would have a Queen! Not dark but beautiful, and terrible as the Morn! Treacherous as the Seas! Stronger than the foundations of the Earth! All shall love me and despair!
This makes me recall a part in Lord of the Rings Online - when you finally leave Moria and go to Lothlorien, you encounter Frodo there. The game has a hope/dread mechanic where being in the presence of someone particularly heroic or evil will make the meter go one way or the other, buffing or debuffing you accordingly. I noticed the dread meter increased when I approached him and was confused until I remembered that he was carrying the ring with him. It was a cleverly subtle way of depicting the burden he carried even though he wasn't showing it on the outside.