You use catoblepases as wandering monsters? Instakill critters like basilisks, medusae, banshees etc. are more likely to be well documented local legends, and, as you point out, best used as status quo encounters to weave an adventure around...if you put them on a wandering encounter table, you only have yourself (or the module designer) to blame...One aspect of 1e we need to bring back less than the "instant death trap" is the "wandering wilderness instant death trap."
Incidentally, did you note the comment from Sean K. Reynolds that the dragon CRs assume that the PCs know they're going to be facing a dragon and are thus buffed and prepared accordingly? The game assumes that dragons aren't going to be wandering encounters, but doesn't tell us such. No wonder those CRs seem a little low.
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