Tolkien puts a lot of emphasis on free will, as you'll all notice when key characters with abilities to discern morality are offered choices: Fëanor, Turin, Sauron, Gollum, Saruman and Grima come to mind. It stands to reason then, that Orcs, even Valaraukar and our Dragons need not stay in their "Evil Stereotype" boxes. In theory.
What's interesting is that none of these characters ever makes more than a temporary turn towards the paths of good. Or if one does so (usually a character of the Elven or Human persuasion), the act of choosing good is often performed too late to make a difference.
Evil (Tolkien seems to say) exacts a heavy price from those who live it, taking much wisdom and pain to purge. The Dragons in Tolkien's milieu, ancient , powerful and intelligent as they are, are sadly unable to make that crucial leap.
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