Buff up before-hand with things like Armor of Faith & Draw Upon Holy Might (Minsc, Jaheira), Protection from Evil (Keldorn's innate abilities), Stoneskin/Invisibility/Improved Haste (Jan, Imoen). Drink any potions of Heroism, Speed, etc. you may have been saving.
While he's still blue, place your 4 Fighter-types around him on different sides, as far from each other as possible. Have Jan & Imoen stand away from him. Pause the game.
Have Imoen & Jan cast Lower Resistance & Breach. Have Jaheira cast Insect Plague. Have Minsc, Keldorn, & Drizzt attack.
Unpause the game & let the fight commence. Have Jan & Imoen (& maybe even Jaheira) summon monsters to help you (Animate Dead, Monster Summoning I, II, & III, Spider Spawn, Mordenkainen's Sword would be great if you have it).
Periodically, one or more of your fighters will get wing-buffeted away, but just have them run back in when they can. By spreading your party out, though, you should always have 2 or 3 fighters pounding on him.
Drink Extra-Healing potions as necessary. Have Imoen & Jan cast Breach if the Dragon casts Stoneskin. Otherwise, have them flinging Flame Arrows & Magic Missiles at it. Try to have them cast as many spells as you can rather than shooting bows.
If any of your fighters gets too injured, pull them out of combat for a few rounds while they do nothing but drink healing potions.
Eventually, the Dragon should fall - your party is definitely high enough level to take it out. Good luck!
- Imrahil
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