After taming, put ovis in a cryopod and store in cryofridge. Once it's stores a lot of levels, level up it's health only. Kill the ovis and harvest it with a chainsaw. Make sure you are within reach of some sort of storage coz you will get tonnes and tonnes of hide, pelt and mutton. It's has been known to completely lag out servers with the amount of things you can harvest this way...

If you tame male and female you can just breed them and make mutton farm

More food means it grows back pelt faster
More health means it gives more mutton when killed

Pump all their points into health, breed them and you'll have mutton for days......