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Alright, got mine in Crystalsong at the location sort of under Dalaran. It was common (Quality) and the "Balanced" breed. Was nearly 8PM (Server), and it was just sitting there, I wasn't actively camping it (I logged on that character to sweep the zone every hour or so).
Locations aside, for battle, what breed do you think would be better? Full HP or Balanced? I'll capture the other once things die down a bit (Next patch?)
I killed about 200 of these so far (Going by the teeth drops) and have yet to get this pet to drop, so I think it's safe to assume it's a rare drop (I'm guessing like the other world pet drops, raptor, whelps, etc.)
I believe the flavor text is a nod to the movie "The Princess Bride" (Made after the book of the same name), here is a link.