Well lucky you i did heavy research on the Wind Ring awhile back
I was inspird by MatPat's game theory about Link's hookshot, that i decided to figure out how much the Wing Ring weighs and how much force is put on Klonoa's body when he fires it. I'll put my notes here
Klonoa
Height: 3'3
Weight: 52 lbs
Volume: 8.45,154
Density: 515.54394
Mass: 4,357.14,023
Wind Ring
Volume: 160
Weight: 111.68 lbs
Wind Ring gem
Volume: 36
Mass: 99.36
Density: 2.76
Klonoa gets pushed back roughly 1 foot when Wind Ring is fired
Wind Bullet travels 3 feet in .3 seconds
Enemies get pushed back 3 feet when hit
So this is pretty much all the info i got. The Wind Ring is made of solid gold, since that's the only metal of that color that stays that color in water. Aaaand because of that it weighs more then Klonoa himself weighs >.> even if he could carry the ring, he would get a good jolt from firing it, and would no way be able to hold it above his head after inflating an enemy. That's also assuming the enemy doesn't weigh anything after inflated, which technically wouldn't work cause in order for it to do any kind of damage when thrown, it would either have to be extremely dense, or be traveling extremely fast. Now the force the Wind Ring would need in order to shoot something inflated like a balloon out fast enough to cause damage would be very very large, putting a huge ammount of strain on Klonoa's body, breaking his wrist, arm, and possibly his spine (science is fun)
Im still working on this theory, once i get the comp to run emulators again i'll do more research. Until then i hope this helps a bit, just a bit of insight on how the Wind Ring would effect the person using it