Thus a group of strong warriors, with slaying weapons or a developed dragon lore skill, could manage a drake, I guess, given that the beast doesnt overcome them with his/hers spells. I'll leave that last part to them to figure out, when/if the day comes Well, it sounds like you've got the Hook, Line and Sinker of the adventure figured out. But, if you'll hear an alt idea..
I was thinking of a multi-generational approach. After they get all ready and everything planned out, they find that it's only going to provoke the dragon into attacking the country side. Or they could leave it alone and it'll sleep for another century or three. Their son's daughter's son's, sons might be ready when the time comes.
Elves may very well leave the thing alone but remember it's location and gently steer humans away by growing a forest around the area, populating it with monsters (so it can eat without ranging) and spinning long epic horror stories about the haunted woods. If they train bards in the area, all the better. With apologies to Robert Frost, Fear makes good fences.
Dwarves might begrudge the dragon, but know that they'll likely need an army (of dwarves) to take "back their mountain of gold". Then they may seethe for a hundred or so years until one charismatic dwarf gets a curly hair in his beard and leads his fellows to add to the dragons collection; as it were.
Humans will hear of the dragons existence, raise an overwhelming army and all die, angering the creature so that it also attacks the Dwarves and Elves.