RE: is it worth breeding?
I'd definitely say so - Dragonite's got a whopping base 134 base Attack. Its Speed is not that hot, but after 1 or 2 DDs, that problem can easily be fixed. Plus, he's super-bulky.
Fyi, a faster way would probably to get a male Gyarados and a female Dratini - Gyarados learns it by level-up at level 40 or so.