Personally, my favorite way of raising the chocobo is the FFIX way. FFVII's was way to complicated with needing the Great or Good Chocobo, having to deal with that Chocobo Sage loser, having to race your chocobo to get it in Rank A and having to get the specific kind of nut.

IX's was much simpler and cooler. Look for cool treasures. Even if you don't upgrade the chocobo, you get Elixirs and Cards and alot of cool stuff for the time you wasted on it. Unless your very unlucky and it takes you hours to find the Chocographs, you really can't complain. Besides, in the end, the FFIX Gold Chocobo can FLY!