Just got one :) Took me 2 hours and I leveled from 19 to 21 doing it. The Nagas drop some good stuff so patience is the key and as has been said, it doesn't matter how many figurines you have and the spawn is random. It was made easier with the frost trap (I actually tamed a 20 right after I went for level 20 training, spent the rest of level 20 getting his loyalty stacked up).
Bring lots of bag space for the stuff the Naga's drop, check the clams before you discard them for pearls and all that jazz. Some good mining and herbalism stuff to be had as well. Again the spawn rate varies, as some are saying they got him on their first figurine, it took me opening at least 30+. Be prepared and for sure have your pet on passive. He comes with claw 3, so that's one less thing you would need to teach. Save some meat to feed him, too! As far as him dying, yep that happened, he was running towards a selected Naga and went poof. Came back with a rez.

Good luck!