I wanted to know if the ring will nullify even the good effects of lord Shani from their lives.
Yes, you can. The rule is you should only give strength to planets that are good for your chart. This is the parasari principle. Gemstone or metals does exactly that. It strengthens the planet. On the contrary, if Saturn is inauspicious for your chart, you should not wear it. In that case, you should do pujas (Graha Shanti).