I feel that what the ring chooses to do would be hard to pick.
Seeing red idea seems to be the most interesting to me. I think it would basically add another hate list to the monster (which would probably be a b***h to code), or have the monster attack things at random. Both could be very valuable, risky, and interesting things to play wit! :3 Having a monster attack haphazardly could be dangerous if it attacks something other than the tank, but the reward of having it brimg down another's health could be worth the risk!
In terms of being a buff, you'd have to think of it in three different ways: personal, like Meat and Turtle, crew, like most buffs, or selective, like Sweetheart.
As a personal the buff could work as a quick boost to your rage, but if you have to use it you can't rage it. The amount of rage it'd give you would be hard to judge. You could get a nice boost of rage, a rank or so, for a longer recharge rate or small bits, quarter rank, with speed that will rival hunter's bow.
Overall buff, I think it should work like Fleet- allow you to increase your rage easier for a few seconds with a couple minute recharge rate.
Selective would be hard to coordinate with, but you could esentailly transfer your rage to others with it, using r2 would give them a bar of rage, r3 gives them enough to r3, or something similar. I don't think it'd be a lasting effect, just an instant boost to their rage. I feel like it should have a decent recharge rate.
Just some ideas you sparked in my head. ;3
Feel free to talk with me about them!
Ps: >_< I posted in a necro'd thread, huh? Dx