If this card is Normal or Special Summoned: You can equip 1 Level 7 or 8 Dragon-Type monster from your hand or Deck to this card. This card is unaffected by other monsters' effects, while equipped with an Equip Card. You can Tribute 1 monster and this card, then target 1 Level 7 or 8 Dragon-Type monster in your Graveyard; Special Summon it.
It can be a good fit in a Red-Eyes deck since Paladin of Felgrand can be used to fuse into Red-Eyes Slash Dragon, though you can't fuse with the equipped Dragon. Paladin of Felgrand can also fetch a Red-Eyes from your deck, and if it gets destroyed, you can bring back Red-Eyes using Red-Eyes Spirit, which can also be used to bring back your Slash Dragon.
Use Paladin of Felgrand's effect to equip itself with Arkbrave Dragon, then you can fuse it with a Red-Eyes B. Dragon to get Red-Eyes Slash Dragon out and equip Slash Dragon with Paladin for a set up. This will let you special summon a Red-Eyes on the next standby phase (from Arkbrave's effec), and if your Slash Dragon gets destroyed, you can special summon Paladin and equip it with another Arkbrave (if you have 2 copies in the deck) for yet another set up, except this time, your Arkbrave can be used to special summon Slash Dragon.
Paladin of Felgrand can equip a Dragon from the deck or your hand, but Guardian can get a Dragon from your hand or grave to boost its attack. They also have the effect of summoning a Dragon from the grave if you have another monster on the field. The boss monster that the Felgrand archetype wants to summon is the Felgrand Dragon. It takes advantage of the level 4 monsters' effects of equipping a Dragon monster and sending it to the graveyard, increasing Felgrand Dragon's attack considerably.
You can also use it with Release Restraint Wave, which comes in the structure box as well. This will remove the equipped card to destroy your opponent's set spell and trap cards, making your monster no longer immune to other monsters' effects. Your opponent can still chain their cards to this card's activation to prevent it from getting destroyed though. Use these to send Arkbrave Dragon to the grave so you can special summon a Dragon type monster on the next standby phase.
Labyrinth Builder skill lets you shuffle your cards back into your deck, so in the event that you get your level 7/8 Dragon monster in your starting hand, you can activate the skill to send them to your deck, summon your Paladin of Felgrand to equip a Dragon, preferably Arkbrave. If you have ways to send a level 7/8 Dragon to the graveyard early then you can activate Paladin's last effect to tribute itself and the labyrinth wall to special summon a Dragon from the grave.
Yes & No. It can got fetch your RE from your deck, but you can't fuse it while still equipped. Also, like the other one, it can re-summon any Lv 7 or 8 Dragon, ie RE/BE/Felgrand/ or Rabidragon, a person fav~