Hillbilly, if you've never worked silver, you may not want to mess with your troy ounce's. Silver is very different than steel, you need a very clean setup, you must be OCD about cleaning all the scale off the metal each and every time its annealed, it has a low melting temp too, so the ol'e forge is not an option for heating,,,,, and its soft,, so any marks in your tools will mark your silver. Thats just the basics.
Now, your question about rings, fine silver is too soft for a ring, it will deform very quickly. Sterling is whats used for most jewerly because its much harder than fine silver.
I would try engraving your friends name into that troy ounce and making a bezel setting to hold it, like these. slides and pendants , than you can put it on a leather cord or something.
-Andrei