[Verjigorm]

It wouldn't be a Red Dragon. MA Ulm has a lot of good basic troops and has no need for an SC-type pretender chassis. Immortal, Rainbow, or Immobile pretenders offer a wide array of interesting choices. Forge Lord is thematic and MP viable.

There are no sacreds other than priest/mages, so a bless strategy is not incredibly viable. The best possibilities involve Earth-4 through Earth-10, but those can be quite expensive--works well with the Forge Lord, Master Druid, and Master Alchemist.

All of Ulm's Mages have only Fire, Air, Earth, and Astral. Access to Astral is limited. This means that you may want a pretender with paths that you can't get like Water, Big Astral, Death (Special Emphasis here), Nature, and Blood. Nature and Water can be bootstrapped by independents, and Blood can be acquired relatively easily by empowering.

Ulmish troops require a lot of resources, so you can easily squeeze in Production scales. Order is always good.

I don't think Cold/Heat are a good idea for Ulm--they have high basic encumbrance.

I would say an Awake/Sleeping Rainbow (or possibly a sleeping Master Lich) with diverse paths (2-4) and high astral and death would be my choice.

Charge down Construction and Evocation--Iron Blizzard massacres units that don't have shields, and Ulm is good at equipping thugs. Conjuration for alternative thug chassis if you don't like what's available in Construction (basically Golem, Poison Golem @9, Mechanical Giant under End Game Diversity Mod). If you are looking to get the Forge/EBDW or make Mech Giants you might want E4.

These are just ideas, I've never played MA Ulm.