I just spoke to a guy in the Umar Hills that told me to find the blood of a silver Dragon for him. Then it said journal updated finish the tanner armor. Should I do the quest?

The answer is the same as for this question:

Are you Evil?

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"Yet still, it turns." - The TiltaWhirl attendant at Six Flags

i am Chaotic good. Would I get anything worthwhile doing this quest?

You will be at the dragon anyway. So if you want to, its not out of your way. But there are two draw backs (maybe more)

A) the armor is not that good (Its just leather)
B) you general have to be evil, for this one to benefit you.

spoiler(minor)
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only evil characters can wear the armor, and you have to kill a Good aligned dragon to get it.




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"Yet still, it turns." - The TiltaWhirl attendant at Six Flags

Under Spoiler Alert
This is the Armor you get

Made from human skin and treated with the blood of a noble dragon, this armor emits the stench of bitter death. The malevolent armor can only be used by a truly evil person.

STATISTICS:

Armor Class: 3
Saving Throws: +4 bonus
Magic Resistance: 20% bonus
Weight: 5
Requires: 3 Strength
Not usable by:
Mage
Non-Evil Characters

Pretty good armor for someone who can only where leather Armor

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http://www.tgeweb.com/cgi-bin/ubb/NonCGI/red_dragon.gif
The Last Of the Red Fluffies