I believe Gandalf mentions that it might be able to destroy the ring using the fires of a dragon as well - only there are no dragons anymore. Not in the film of course, but it's in the book.
That was for the other rings of power. "It has been said that dragon-fire could melt and consume the Rings of Power, but there are not now any dragons left on earth in which the old fire is hot enough; nor was there ever any dragon, not even Ancalagon the Black, who could have harmed the One Ring, the Ruling Ring, for that was made by Sauron himself."
That is an interesting question. Seeing that the ring gives you the power to rule and Paltine already has that power. Would the magic of the ring combined with the force and increase his power, or wound the force and magic be incompatible and he would only get to use the greater of the two powers?
I always assume magic = the Force, so I think for Palpatine the Ring would be a powerful Dark Side artifact. He wouldn't need it, but he could sure find some use for it.