So there are a few other guides that show where to farm wool cloth and if that is all you are after then those might be better spots. I was farming this spot with my level 43 rogue so I could level my leatherworking and get some cloth for the AH since it's still stupid high on my server.
1/2 an hour of farming before posting here yielded;
-48 Light Leather
-37 Medium Leather
-2 Light Hide
-4 Medium Hide
-32 Wool Cloth
-19 Linen Cloth
-7 Silk Cloth
-2 Greens
The re-spawn rates are around 3-6 seconds and there are a constant 5 that spawn, wait around 5-7 seconds then charge to fight the other mobs.
The mobs are Ebon Slavehunters, they are level 24-25 and have around 650-700HP and drop between 72 copper to 1silver 20 copper.
Here is the exact spot I farmed.
and Here is the map to show the spot.
Hope this helps anyone who is looking for a good spot for (mainly alliance) to farm leather for their Leatherworking/Skinning. Enjoy!
EDIT: Oh yea, if you need Black Whelp Scales you can skin the Ebon Whelps that are around the same area. They sell for 30g/stack on my server so it wasn't a bad idea to change up the pace some.
Edit: There is also a random (very small) chance of getting a vanity pet Tiny Crimson Whelping - Thank you SignatODC