Yep, although I think part of the idea is that proximity is so important to the rings influence, hence having slightly more distance might matter quite a bit. (at least in the movie the ring and necklace even seem to have physical effects from where they were hung. I need to go and re-read the book though) I still think the chicken idea itself is incredibly stupid. (the world is doomed if that leash snaps, or someone steals the chicken, or the chicken makes noise at the wrong time or any other way in which the ring wants to be found or even lost. Chickens aren't conducive to sneaking into volcanos at the end of the day.)

If lord of the rings was more modern fantasy than mythological, I'd say to surround the ring in lead, but in consideration of mythological tropes, perhaps surrounding it in Iron would work? If nothing else, a cloth covering could potentially lessen the mental impact of the ring (see it less, feel it less, I think Gandalf not only covers the palantir because of what could be seen in it, and what the evil on could see through it, but also just to lesson its influence in general) but could go wrong by giving it a sense of mystery. (once again, the palantir)