Gandalf as Ring-Lord would have been far worse than Sauron. He would have remained ‘righteous’, but self-righteous. He would have continued to rule and order things for ‘good’, and the benefit of his subjects according to his wisdom (which was and would have remained great). [The draft ends here. In the margin Tolkien wrote: ‘Thus while Sauron multiplied [illegible word] evil, he left “good” clearly distinguishable from it. Gandalf would have made good detestable and seem evil.’]
So Tolkien anticipated the rise of woke!