I shall be going to Iceland next week, but will be going cross country and not necessarily doing the ring road in its entirety.

I understand that you CAN do the ring in a week, but you will be pushing 200 km per day or more and may not have time to see everything that attracts your attention. The road is good but still dangerous with blind hills and sharp bends. The road surface may be rougher than you would expect, and even though the speed limit is optimistic, you may find yourself driving slower for safety. Do also check where you can pick up petrol!

Have a look at some of the tour operator packages for the ring road in a week and see if they meet your needs as regards distance covered daily and sites visited ............. and as you'll have a lot of daylight, you can afford to travel for longer each day, but you may find that restaurants are not open as late as you might like to find them ......... when I did my research a lot of the restaurants/hotels expect their guests to eat between 19H00 and 20H00 ...........