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Combat monster + weak 1 attack lord
=no good
He can be singled in close combat, doesn't get armour save from Dragon (although randomising against shooting attacks does give somewhat protection).
I say a sharp no-no for Archmage on Dragon.
Great Eagle, however....

I think you mean Ring of Fury which contains Fury of Khaine, as there is no ring which would contain Flames of Phoenix bound spell.
But yes, lvl 2 Dragon Mage with Silver Wand IS soooo much fun.