Well i have beaten him a few times but either one of my party members dies or i cant pick the gem he drops.
Dust of dissappearance i think will work well if you have two fighters and flank balor..providing they kill him in the two rounds they have being invisible.
Also im guessing that if i have 3 party members i can potentially get a higher level..i.e up to say 12 or something becuase with my five members i can get up to level 10 becuase i beleive that the total exp gets divided by number of people and so in theory if i have only 3-4 members i can get higher levels.