Hi! I’m wondering if a “proper” trip to Iceland goes all around Ring Road? I think a lot of people assume they haven’t truly visited Iceland unless they circle the whole country. If that’s true, then I think you also haven’t truly visited Iceland even if you do all of Ring Road! (See a little more of my ramblings about this here: Reykjavik or Ring Road.
I say skip Ring Road. You can definitely enjoy Iceland and see plenty of the country with a toddler and in a few days. Maybe start by looking at my post about a week-long trip to Iceland with kids. Skip the Westman Islands in October, but see if the rest sounds good.
You could make Vik the furthest point you get to to make sure you didn’t spend more than 2 hours in the car each day. You could still see Reykjavik, the South Coast, the Golden Circle, and the Reykjanes Peninsula. Skip the Blue Lagoon and check out a thermal pool in Reykjavik. You’ll see a ton and have a great time!