Ok I've perfected this a little bit.
Have at least 2 heals to keep everyone up
Have 1 tank with good mobility, like a warrior.
Have 2 ranged aoe dps like hunters
Stand infront of the Giant statue on the north east wall of the square path that the Yak runs around on. Have the warrior/Hunters pull the big groups of mobs all around to where you are, hold them and dps them Until the yak comes, yak 1 shots, free rep, loot, and other stuff
For people with tailoring, you will get like 10 stacks of cloth every minute, because of your ability to find bonus cloth on mobs, there will be about 100-200 mobs all around.
After 5 mins of farming, my group had 43 stacks of cloth, 31 greens, and a LOT of gold from npcs, and about 5k rep.
And then the just as we're in 10 minutes into farming, the servers come down for "Unexpected" Maintenance... hope this still works when realms come up