I remember Irie saying there are only 6 cursed Hell rings. So it's unlikely that Lancia's ring would be from a set of "cursed" rings. (for lack of better wording.)
However I do agree that maybe the ring would be an amplifier to his X Burner. He only has one ring, maybe doubling it doubles his power. Oh shi---
Another thought is it'll be used (or maybe an important part) of the next arc. (after the Arcobaleno arc, if there is one)
YAMAMOTO FTW?
He says there are 6 left so there was probably more in the past. If Lancia's ring was a Hell ring then it was probably destroyed at the time the Vongola rings were destroyed thus only 6 remains. So the ring brought from the past could very well be a Hell ring. =\ Maybe I'm thinking too much.
Though there's no flaw in your theory, it's just quite impossible for:
1) Hell ring = mist
I don't think Lancia gave Tsuna a mist ring o_o. If Tsuna does have another attribute, it's going to be anything but mist imo. :V
2) The Hell rings all have some symbols related with hell and curses. Roshi already said Lancia's ring represents no such thing.
YAMAMOTO FTW?
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