My advice, to do the Dragon Slayer Quest.
The items you need:
1. Rune Fullhelm.
2. Rune Chainbody.
3. Rune Scimitar.
4. Anti Dragon Shield.
5. Rune Platelegs.
6. 28 Lobsters.
The skills you need:
1. 40 Attack(At least)
2. 50 Strength(At least)
3. 40 Defence(At least)
Then you are ready to take on Elvarg. At least, thats what I had when I did it.
Edit: W00T page 70 get.