To get to black, you need to get the ring to glow bright red. I don't have the means to know the temperature, but it needs to be plenty hot. You'll go through all the anodized colors; bronze, blue purple, blue, yellow, purple, and teal before it gets to black. There's no going back down to a lower color unless you machine through the black or abrade it away. It's a pretty hard surface at mohs 8.4, where diamond is 10 and titanium is 6.5. Only the thinner chips will burn, not the solid metal, so it's like titanium in that regard.
You said you would be setting a stone. Do you have some experience with that? What kind of setting are you looking to do? The metal is a lot stiffer than gold or platinum, so it's pretty tough to set stones in the traditional way. Once the ring is black, there can't be any more sanding or working it, so that sets up challenges there too.
The 1" bar should handle a round ring up to around a size 11. If you have extra stock when you're done and want to get rid of it, I'd look into buying it. I go through a lot of that stuff!