To be honest, it is probably a waste of points. Consider for just base points, you are paying a massive amount simply to field the old blood and the carnosaur. What are you paying for? Close combat potential. Then you are giving him basically no armour or magic weapons to do what he does best, so he will be weaker than the average old blood, will die easier, and will not do as much damage. If you keep him away from combat to cast, you waste the combat potential.
Whe we can buy an entire level 2 wizard for less than 100 points, a simple upgrade for one really doesn't seem worth it at all.