Idea for a ring light?

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No it won't

I really dont think it would

The diffusion area is simply too large. ringlights work by arresting all the light in a small space

In addition to the diffusion area being way to large, you wouldn't be able to shoot through this "ring." Which is generally the point of a ringlight to begin with. Yes they can be used off camera, but thats a secondary use, not the primary purpose.