"Red-Eyes Darkness Metal Dragon" is a good target for this card as this can greatly benefit most Dragon-Type Decks. A strategy for this would be to Summon "Darkflare Dragon" by banishing this card, thus adding "Red-Eyes" to your hand. Next, "Darkflare Dragon" can be banished to Summon "Red-Eyes". The reason is that "Lightpulsar Dragon" can be revived by "Red-Eyes".
During the time between sending this card to the Graveyard and banishing it, the target card will be banished, which is especially good in this case because both choices are Nomi monsters. Since whichever card is choose, it has no use until its Summoning conditions are met, the card can be kept out of the way until needed.
"Lightpulsar Dragon" or "Darkflare Dragon" can be Summoned by banishing this card from the Graveyard. This will allow one powerful Dragon to be on the field with an excellent supporting effect as well as an even more powerful Dragon in your hand like "Red-Eyes Darkness Metal Dragon" or "Light and Darkness Dragon".
Most monsters eligible for this card's effect are Level 8 Dragons that can be Summoned by "Dragonic Tactics", so try to use this card for non-Level 8s and/or monsters that cannot be Special Summoned from the Deck like "Dark Armed Dragon".
The Trigger for the first part of this effect does not have to be sending this card from the field to the Graveyard. Using cards like "Darkflare Dragon" also work.
"Darkflare Dragon" can also banish this card from your Graveyard with its effect rather than its Special Summoning cost. This way there is an additional Dragon in your Graveyard rather than banishing a DARK monster from it.
If "Blue-Eyes White Dragon" is selected for this card's effect when it was sent to the Graveyard, "The White Stone of Legend" can be send to the Graveyard for the effect of "Darkflare Dragon", so that 2 "Blue-Eyes White Dragons" can be added to your hand at once.
Banish a DARK Dragon that can be Special Summoned like "Red-Eyes Darkness Metal Dragon" or "Dark Horus", then use "Escape from the Dark Dimension" to Special Summon the banished monster to your field.
"Dragoncarnation" can be used to add the banished Dragon to your hand if your unable to banish or pull off this monster's second effect.
Combo with "Castle of Dragon Souls" when this card in your Graveyard in order to Special Summon high Level Dragon-Type monster from your Deck.
While you have "Darkflare Dragon" or "Lightpulsar Dragon" in your hand, send one copy of this with "Future Fusion", along with "Red-Eyes Darkness Metal Dragon" and three DARK monsters. Banish this card and one of the DARK monsters from your Graveyard to Special Summon "Darkflare"/"Lightpulsar". Add "Dark Armed Dragon" to your hand with this card's effect, then Special Summon "Dark Armed Dragon". If there are more Dragons in your hand, use the effect of "Darkflare" to discard and banish this card to add another powerful Dragon of your choice to your hand. Or, if "Lightpulsar" is Summoned, the effect of "Dark Armed Dragon" can be used to destroy "Lightulsar", triggering its effect to Summon another Dragon like "Red-Eyes Darkness Metal Dragon".