Aye, hence the failing of an ideal ritual. What would actually rise would be more like a quasi-sentient bone dragon with vampiristic tendancies, heh. Still, bone dragons put up a decent fight, and using them as the cult's personal shock troops would be an eerie calling card. Kind of imagining powerful necromancers and clerics flying boneback over the battlefield like nazgal and legions of lizardmen and powerful undead swarming below. Likely the only non-draconics they would recruit would be bards and sorcerers.
An excellent leader for such a group would be an ancient red dagon disciple that survived Blood's wars against the chromatics, when he was bred out of desperation from a dying breed. Held alive by necromancy, he'd looks awesome with those bone wings, dark robes and a staff. (perhaps Bloodstone himself tore the flesh from his wings and had him imprisoned under some long forgotten rockpile until just recently) Likely he'd be a mix of cleric and bard, able to flare up the fury of his draconic followers in an instant.
"look upon me and weep, humanity, for you see now past, present and future... Eternity I am, and the suffering for your crimes on my blood shall be... eternal"
For full dracoliches, the cultists could seek to force metallic dragons into the ritual via holding their young hostage, making for an interesting kidnapping scenario the players would have to resolve. They would be pressed to find the wyrmling and free it from the cult, then take it back to the dragon at the ritual before it is concluded.
Many possibilities. Maybe the players fail the rescue attempt, the wyrmling is slain and the dragon goes through with the ritual for revenge on mankind. Or maybe they save it but they get to the dragon before it is too late, having already made the ultimate sacrifice for its young.