Have the cleric cast Planar Ally. If the cleric is CG, a Ghaele Eladrin could do serious damage to this dragon. Use Greater Invisibility, stay out of range of the dragon's blindsense, and fire light rays. With a +3 Inspire Courage boost from the Bard (using Inspirational Boost or Song of the Heart), and a Prayer spell, those light rays will be doing about 17 points of damage each, no SR, no save. The bard can also Haste the eladrin, for 3 attacks in each round in which it doesn't need to move.
This dragon has no See Invisibility or True Seeing (but if the dragon goes invisible, the eladrin *does* have See Invisibility). With Perfect manueverability, a fly speed nearly as good as the dragon, and a 300' ranged attack, the eladrin can ensure the dragon *never* gets a melee attack on it. The dragon can't see it to target it with any spells, and even if it could, it'd have a very tough time beating the eladrin's SR. The eladrin could also fly around invisible using Charm Monster until it beats the dragon's SR (35% chance) and the dragon fails its Will save (5% chance).
I imagine the eladrin vs. the dragon is very frustrating for the dragon, ending in the eladrin killing it or driving it off. Well worth the 250 XP it costs to cast Planar Ally.
This tactic requires the bard to be able to see the eladrin to use Haste (See Invisibility), plenty of flying room for the eladrin (*above* the dragon is the best place to be), and a way for the PCs to escape (perhaps Word of Recall). And it requires the DM to handle aerial combat, which is very difficult, but if handled properly the dragon should be toast. The maneuverability advantage is just too great.