Let's take a look at how bad Cloud Drake really is
tl;dr While it has a low gold value the real issue lies in how little utility the actual buff is giving. In order to find a balance between too strong utility and too weak utility it'd be best to allow it to augment both IC and OOC MS. Meaning it'll act as both a utility buff and a combat buff.
People fail to realize how strong OOC mobility really is. Hell just look at Quinn her ult is essentially a super buff to OOC mobility. The only issue it might have right now is how low the value is. Lets compare the gold value to the other drags. For 600g boots of mobility give you 90 MS OOC. Meaning one of these dragons will give you 100g worth of stats.
Now compare it to Infernal early/late game. Infernal early (80 AP/80 AD) will give you 139.2g value on AP and 224g value on AD. Infernal late (700 AP/300 AD) will give you 1218g value on AP and 840g value on AD. As we can already see it's looking terrible for cloud drake or extremely overpowered for Infernal Drake.
Ocean Drake is harder to calculate since it breaks the normal calculation of HP/5 and MP/5. HP/5 and MP/5 also grows throughout the game while Ocean Drake does not.
Now lets say you have 2500 HP, 15 HP/5 (the average). It'll take 13.3 minutes to go from 1 HP to 2500. (It's important to note while OOC you'll always take 200s to go from 1->Full with 1 ocean drake). With Ocean drake you're getting an extra 62.5 HP/5 with this level of HP. Or a gold value for this champion of 1248g. What's interesting is that with higher HP you get more g value and with higher HP/5 value you get less g value. This essentially means champions with Low HP and High HP/5 don't get as much use out of this as someone like Gnar with high HP and very low HP/5. This is only half of the buff though you also have to calculate MP/5. The average mid game MP/5 is about ~13 with ~700 mana. It'll take ~4.5 minutes to go from zero to full. (Remember it always takes 3.3 minutes to go from zero->full with 1 ocean drake stack on either stat). You're getting 675g value on average for most champions. Now what's crazy about MP/5r is that it can range all the way from 0g on a champ like Lee Sin all the way to ~1250g on a champ like Vel'koz. Because of this it's a much harder stat to average.
Overall though Ocean drake is giving you an average combined gold value of 1923g. Remember this is heavily restricted by forcing the user to be OOC yet it has nearly a 2000% greater gold value than the OOC mobility gained from Cloud Drake.
Now sadly Mountain Drake is impossible to calculate the gold value of as we have no other items to base it off of.
Now lets go back to the Quinn example. Quinn ult is good for one reason. It gives you %MS or more specifically 70/100/130%. Now taking the 100% MS and the standard Quinn Build she gains 125% MS from a flat 390 or a total MS of 551.25 (a gain of 161.25 MS or a gold value of 1075g).
Now we get to the huge issue. Why is OOC MS valued so poorly? CDR is very similar in that it's arguably one of the strongest stats in the game but is given away extremely cheaply (5 per point). OOC MS is likely valued so poorly because only one item in the game contains it
. Now Mobi boots are very weird because they are extremely oppressive at rotating the map, but overall will slow you down in actual combat. You have to give a tradeoff of combat mobility for roaming mobility. This means that by giving essentially free OOC MS you can run into a very dangerous game of (lets get max combat mobility
and max OOC mobility to be insanely strong in combat and at roaming).
Now this is where it's extremely important to understand 15 MS is essentially nothing for the situations it'd be used in. Shoutcasters have said it improves ganking times from mid->bot by .5s. Even if you gave it 30 or even 45 per stack you're only gaining 1.5s (still enough time for most teams to easily react). This means that unless you give it insane OOC MS (like 50 per stack) it'll always remain garbage. Now this means Cloud Drake will need something added to it instead of just more OOC MS for it to get out of garbage tier without entering OP tier.
I think for Cloud Drake to be viable it needs to give IC and OOC MS. I propose it give 10/20/30 IC MS and 30/60/90 OOC MS.
Now you may be asking for yourself how is 10 MS going to help at all? Think about it like this. Boots alone allow you to dodge skillshots such as Lux E where normally you wouldn't be allowed to dodge them without boots. It also allows you to enter and exit champion ranges much more quickly allowing for all classes to much more easily kite/chase.
By giving it actual combat effectiveness you allow it to A) Maintain it's theme B) Find a way to balance it between garbage and OP C) Make it much more game changing and noticeable throughout the game. What do you guys think? I think that everyone can agree currently it's in a pretty trash spot. Any feedback would be appreciated.