A good LIGHT Dragon-Type Synchro Monster to Special Summon with this card's effect is "Azure-Eyes Silver Dragon", as its effect will protect itself from destruction at the End Phase, as well as temporarily protect your other Dragon-Type monsters from some card effects.
"Black Rose Moonlight Dragon" can be an alternative to "Michael" if there is a need to get rid of an opponent's monster during their turn, or a card (such as "Imperial Iron Wall") is preventing cards from being banished. Also, its effect is mandatory, and can therefore surprise the opponent.
As this card stops multiple Special Summons, it can considerably hinder Pendulum-based Decks. Be careful, however, that the effects is applied to both players.
If this card and a Level 1 Tuner monster are under your control, use this card's effect to Special Summon a Level 7 monster and then Synchro Summon "Crystal Wing Synchro Dragon" or "Goyo King".
Use Sunny Pixie as Synchro material and by it's effect gain 1000 life points.
The Graveyard effect of "Return of the Dragon Lords" can be used to prevent the monster that was Special Summoned by this card's effect from being destroyed.
Since this card's Special Summon effect can easily evade targeting card effects that would remove it from the field, non-targeting card effects are the best to use against this card, since the Special Summoned monster can be affected instead.
This card can be used in conjunction with any "Kaiju" monster (preferably the Level 8 ones, as they synergize well in a "Blue-Eyes" deck) to perform a non-targeting, non-destroying combo that will remove up to two of the opponent's monsters. Note that this combo will only work if your opponent hasn't already got a "Kaiju" on their side of the field.
The combo involves summoning your "Kaiju" to your opponent's side of the field, then tagging out "Spirit Dragon" to summon "Black Rose Moonlight Dragon" and getting your "Kaiju" back. If your opponent has another monster, summon the "Kaiju" again. Additionally, there are many ways to get rid of the "Kaiju" you just gave your opponent (as "Black Rose's" effect only works once per turn), such as "Blue-Eyes Alternative White Dragon" or "Crystal Wing Synchro Dragon", the latter being if you haven't made your Normal Summon yet.
LIGHT Dragon-Type Synchro Monsters can be Special Summoned from the Extra Deck other than "Blue-Eyes Spirit Dragon":