Can this dressing stick be use on a taurus 3 ring saw blade ? Will it help the blade last longer ?

Not really. The Taurus 3 blades are all electroplated blades, which means they have a single layer of diamond bonded to a nickel-metal ring. Once that single layer is worn down, there is nothing beneath it. You can use a dressing stick on electroplated tools, which will make them slightly more aggressive for a very short period, but it will also significantly reduce the blade's lifespan. It can be used as a good stop-gap measure while waiting for a new blade to arrive, though.