as subject states i know its not very effective but how cool would it be to give an old blood the wizarding hat and a carnosaur, that a pretty nasty looking lvl 2 wizard if ever i saw one.
To be honest, it is probably a waste of points. Consider for just base points, you are paying a massive amount simply to field the old blood and the carnosaur. What are you paying for? Close combat potential. Then you are giving him basically no armour or magic weapons to do what he does best, so he will be weaker than the average old blood, will die easier, and will not do as much damage. If you keep him away from combat to cast, you waste the combat potential. Whe we can buy an entire level 2 wizard for less than 100 points, a simple upgrade for one really doesn't seem worth it at all.
its certainly not worth the points i agree completely, more just fun from a fluff point of view really. I can imagine the very slow dumb saurus finds a hat puts it on and turns into that genius gremlin from gremlins 2.
For that reason, I think it suits a goblin lord extremely well and would present brilliant modelling opportunities. An old blood though? They are slow because they are lizards, not slow because they are stupid and like to do crazy things. But hey, I don't think the item was meant to be taken all that seriously so if you think it suits an old blood give it a go and have some fun with it.
migh as well put him on a cold one, better armor and hres is allready going to be stuiid, so no penality there.