Yes, the Dragon Heart awaits the upgrade for some time now. Fortunately, creation of the letter was succesfull - now, all that is left is acquiring the objects...
About the stats: the game isn't too difficult right now, but I would be angry, if the result of all this work - The Dragon Armor - was crap. I think that huge armor class (400 or better) mixed with Charm Quality 5 is all I need.
It is interesting what You say about the identify - during my game, the properties of the item are set when it is being alt-highlighted, or just touched by a mouse cursor. It was quite frustrating when I have aquired the Dragon Shield - by accident I had pressed alt and highlighted the shield, and despite saving before taking it to inventory, I had to replay some part of the game... CQ2 and low Armor isn't what I had expected.
And the Ring from Verlat - I didn't know about the randomization of objects during the game when I had acquired it for the first time... And now, I am looking at a miserable ring with CQ2 and some crappy stats: +4 offence & +2 defence... It is sad that there are only two good rings in the game...