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Rock, it's hard to advise where to hunt with a greater dragon (I'm guessing this is what you mean by elder dragon) because there are so many variables involved.
Is the greater dragon trained so all its skills are 100 and above? Is it a good dragon in the first place, with hit points above 900 and pretty good resists?
If you're using the enhanced client with Pinco's UI addition, you can check how good your pet is by loring it. If not, google "Ultima Online" and "Pet Power calculator"
Do you like to hunt solo or in groups? Are you aiming for gold or excitement?
For solo hunting, a treasure hunter character is good with a greater dragon. I've made millions selling the blue and pink scrolls from chests.
If you like groups, a greater dragon can be useful in the new Blackthorn Castle dungeon, but only if you have some help. The minax artifacts the the captains drop are valuable , but I've not seen a greater dragon solo captains.
Is your goal in hunting making gold off monsters, getting imbuing ingredients from the Abyss, or trying for the extremely rare crimson cincture or slither?
If you are looking for group hunts, listen to general chat on your shard and get some advice where you might plug in. Two characters with greater dragons can still take down Lady Mel, if somebody knows how to get the keys.
If you just want to start off making some gold off monsters, you might try the tokuno wolves - check uoguide.com for where you can find them - a greater dragon takes them down pretty fast and they have pretty good drops
Another factor is your own character template - you need high magery to keep your dragon healed from a distance, because you can't always stay up close with vet in some spawns. You also need enough magery to invisible yourself when you get in trouble.
There are just so many variables to this question. I hope you have some contacts on your shard to run some ideas by