I mean, you'd have a wrecked and battered and broken Lyra at the end of it, because she'd just RIP HERSELF APART in her absolute refusal to let the Ring bend her to its will. She might even throw it into the fire and then just sort of sit down and wait for the flames to consume her and Pan, because she is so. goddamn. tired. now. and the idea of dissolving into atoms in the world of the dead sounds GREAT and besides, this is a fuckoff awesome story to tell the harpies, amirite?

But if you don't get her that bad, totally the road to hell becomes paved with good intentions, and eventually you have the Queen, not Dark but Beautiful and Terrible as the Dawn, assuming the Ring doesn't jump ship for someone else first.