First - WoW Exploit Community 2012 recommendations!
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This is based on the Rogue/Mage Sealth Bug where you can keep the Dragon and fight with it in Phase1.
Have some people (3-4 in 10, 6-7 in 25) which have the Drake in Phase 1.
Start the fight, stack your dots like normal.
Now here comes the trick, normaly you think you cant aggro Malygos with your drake, that is wrong, you can, just stay on the ground (spark +dmg also counts), when a dragon gains the aggro just fly in the air, this will evade malygos and reset his hp and the archivement timer, but the dots stay, return this until all dragons have 50+ stacks on him, then just let him drop down to 1% (he cant die in phase1, but instantly die after phase2). Dismount manage phase2 and profit.