Where is Pirate Island?
To start things off you need a ship. If you have a ship that isn't a rowboat you probably have diving gear, if you have a row boat this will be a little more complicated and will take quite the large amount of time but you do you. Anyways first off you have to set sail for the pirate Island. When you arrive bring your ship into the dock.
BE CAUTIOUS THOUGH, IF YOU PULL TOO FAR IN THE HOSTILE NPC MOBS WILL ATTACK YOU SO JUST PULL IN ENOUGH (It should also be noted that once you die in this area you get sent to pirate jail and will have to escape. For the escape method see the bottom of this thread.)
Where are we doing the farming?
THE DOCK
Once you are in, gear yourself up with a breathing device. I highly recommend that you despawn your ship once you have your breathing device as a random player can take control and pilot it into the hostile NPCs causing it to implode.
Once you have the breathing device you are ready to go crack some barrels open. Now you want to crack the barrels on the outer edges and away from the big scary ship in the middle or you will get one shotted by the hostile pirate NPCs.
THE BARRELS
What are we farming?
In the barrels you will find anything from the pirate transmog gear to items for your house. You can sell some of this on the AH, earn you some gold. Should also note that the pirate set is also sellable and fetches a couple gold itself. Here's the stats on the pirate gear:
What do the sets look like?
THE MALE SET
THE FEMALE SET
I died and was sent to a prison, what now?
SHOULD YOU DIE ON PIRATE ISLAND YOU WILL BE SENT TO PIRATE JAIL HERE IS HOW TO GET OUT
You will be sent to a little jail set, on the left hand side there will be a vine, climb the vine and underneath the skeleton is a hidden lever, just climb up near it and press your action key
THE LEVER
How do I transform my gear into the pirate gear?
Now if you want to keep your pirate looks and stats you can use a Fusion Alembic to transfer the image of one item onto that of another.
Be warned that it costs more than one to change the appearance of one item, some items cost 4, some 6. To transform each piece of gear into a costume item you need to use a fusion alembic on the item first (So just to transform your item into a costume it will cost you 1 Fusion Alembic per an item), then you go to the blacksmith and there will be an option to change the appearance, and this is where you'll spend 1-6 Alembics per an item. You need to convert the item to an image item, and then you transfer the image at the blacksmith.