We haven't won yet but here's what we do know:
(a) you can single pull the drakes around Skyrake using Dulcify EXCEPT for the one that is closest to him on the left. Skyrake himself cannot be pacified.
(b) Definitely DO NOT attempt this fight without Flight of Eagles or some other long lasting levitation spell. As part of his AE, even players with high magic resist (mine is nearly 400) find themselves tossed way up in the air. Indeed, the first time it happened I had no idea what had happened or where I was LOL. With FoE you can, however, immediately swoop back down.
(c) He is tethered to his spot. He cannot be pulled anywhere.
(d) All that being said, on this last fight my Paladin partner managed to get back down quickly from the air and it appears that he has *very* low HP compared to the other mobs in the quest. He was at 80% and his inseparable nesting drake at 60% just from damage shields and paladin tanking before I had our druid evac us out because I (our cleric) and our heavy tank merc got killed. Next time, we're going to see if all three healers keeping up group HoTs constantly will do the trick of keeping the heavy tank alive long enough for the druid to cast dots and the battle cleric (me) and paladin to tank the thing to death.
Much much much harder fight than the others we have done so far (Komodokin, Tortugone and Trideath.) Fun, though ;)

Drake Blood
Drake Egg
Drake Meat
Pearlescent Drake Claw
Skyrake's Horn