You would think that the bally would be an assured drop monster (per 8 at least) but nope.
The succubus is pretty good for drops. She has the same amount of karma and fame as the bally and is alot easier for a tamer/peacer to defeat with the right pet (Cu is the best, no healing required if you keep her peaced enough).
My all time fav is the Rune Beetles.
Back on the original topic. I would not waste peacing on a greater, since most of the time, even with 120 music and peace, your gonna fail. Area peace is fine (if no one is around. Do it when others are present and your in for grief) to keep the mobs off of you.
My method is to run around the edge of a mob and lure off the smaller beasties (wyrms, drakes and dragons) and park them (peace them) away from where I am conducting my search.
Run in pull bars from any prospective GDs, invis, check out if it is a GD that I might possibly keep. If it is a dud I try my best to lure it off to a corner and not die in the process. Go back and repeat the process until I have one that I want.
Once I have a possible keeper, I try to lure it to the eastern cavern (water eles spawn in the back end of it, and chests are in the front end) where I can tame in relative peace and not risk a newly tamed GD getting agrroed onto by the mob nearby.
Once I have it in the cave I invis and recall out to get my reliable GD to pound on the new one to make it more "pliable" to taming. (it will still cast on you, if your honor runs out, but at least you can get away easily).
Once I have its health down to the last 5th or 10th I recall out and stable old reliable. Recall back (have a rune mark for a safe spot) and Embrace my honor. Usually it takes just a few actual taming attempts (when taming actually starts not the "you anger the beast") to get myself a new GD to train up.
Your main goal is too burn as little honor as possible while taming. By the way, if you fail to tame it with your first honor attempt, you will have to wait 5 min to embrace it again. (another reason to lure it to a location that you can easily return too, and find your target.)
Good luck, and happy hunting.