I need a script that will make an item heavier longer the player wears the item in this case a ring

Give it the maximum weight to start with, but add a scripted feather effect. As time wears on, replace the feather effect with spells successively smaller in magnitude.

At least that's how I'd do it in Morrowind.

You are spreading posts. If you insist in the weight the better is using actor value to check encumbrance.
But as said in another thread of yours, maybe is better using fatigue... you can verify it, again with the getactorvalue and subtract percentage of it at given times... This eliminates the need of abilities or spells.