The advantages on this pet, to me, seem to be you get higher Wrestling and Tactics for free. Also, you can put 2 special moves on it and you have access to all the "magic" skills. Disadvantages, 50% cold damage and high in cold resist. Also, for me, disadvantage, not ridable.
I think on any build, put AI. Other skills that stood out to me were Mysticism and Discordance. Mysticism and FWW/AI could give you a champ spawn pet, since you'll then have some form of healing on it, a swarm attack, and a distance attack with Dragon Breath. A discord/AI drake wouldn't have the "on paper" advantage because of the cold damage, but it's something I would consider to use if you turn over Cu Sidhe to spawn a colored one. You could use it for a loot loop, meaning turn over Cu then go to Fel to raise karma back off of something like dragons, daemons, or balrons where you might get a map drop too. This is kind of a specialty/style build, but just options to consider.
I've tried building one of these guys, because of the free Wrestle/Tactics, but, my opinion, anything under 110, don't bother. You can get a 110 scroll in game yourself as a solo player. That leaves the "high end" ones to consider. From UO Cah, the max Wrestle is 117 and max Tactics is 126. Just my personal threshold but I'd look for one over 115 skill in both for it to be worthwhile.
Cold Drake | uo-cah.com
What do you have in mind to hunt with it?
Edit: I just realized you said Frost Drake,
Frost Drake | uo-cah.com ,not Cold Drake. They have no overcapped skills and are 100% cold damage, so personally I wouldn't bother. Could use to hunt weak to cold monsters, maybe dragons or ?? but would you really use and enjoy doing that?