Repeatable Quests in Dire Maul
Probably the fastest way to improve your standing with the Steamwheedle goblins without sacrificing your Bloodsail affiliation will take you into Dire Maul north (in central Feralas). However this method also involves the most risk and some classes may have trouble doing it solo. Before you head into Dire Maul, bring the following for maximum reputation gains:
4 Bolts of Runecloth
8 Rugged Leather
2 Rune Thread
Upon entering the instance, you'll have a couple of objectives. First you'll want to kill ogres (or boss mobs) until you get the Gordok Shackle Key. Your second objective involves retrieving Ogre Tannin which is found in a basket in the far corner of the balcony after passing Guard Slip'kik and turning the corner. Once you have the key and the tannin, make your way to Knot Thimblejack who will give you a quest to create the Gordok Ogre Suit. Turn in the trade goods your brought along with the tannin and you'll earn 75 rep with all four Steamwheedle towns. Then use the key to free Knot, giving you an additional whopping 350 rep across the board. Once Knot is freed, you can access his cache for a few goodies.
TIP: So long as you have the Gordok Shackle Key, you can free Knot Thimblejack for 350 rep without worrying about rounding up the trade goods to make the Gordok Ogre Suit. You won't get the 75 rep, but you also won't have to spend gold on the trade goods or risk your life retrieving the Ogre Tannin.
Repeatable Quests in Feralas
Another method, one which is safer than heading to Dire Maul but slower, involves traveling to the western coast of Feralas. Near the docks, you'll find Zorbin Fandazzle. He can offer you two repeatable quests that you can do right there in the area to simultaneously bolster your rep with all four Steamwheedle factions. You'll earn 25 rep across the board for Zapped Giants and 25 rep for Fuel for the Zapping as well. These quests involve low drop rates and limited mobs that take a while to respawn, making them time-consuming and dull. But hey, if you want to preserve your Bloodsail rep, this is one more way to do it.
Pirate, Bandit, and Venture Co. Grinding
A third way to earn your Steamwheedle reputation without compromising your Bloodsail rep involves killing scores of lower-level pirates, bandits, and Venture Co. mobs.
The Southsea Freebooters just south of Ratchet make easy targets, as all of them are level 16 or lower and can be slaughtered in droves very quickly. Each of these is worth 5 rep for Ratchet, and 2.5 for the other three groups. Named mobs are worth slightly more.
Wastewander Bandits southeast of Gadgetzan span the lower 40s and can be killed fairly quickly at level 80. Each of these is worth 5 rep for Gadgetzan, and 2.5 for the other three groups. Named mobs are worth slightly more. Make sure you save your Wastewander Water Pouches to turn in for addition reputation gains (+10 Gadgetzan rep for every 5 pouches) once you become neutral with Gadgetzan.
The Venture Co. goblins throughout Stranglethorn Vale also provide a small amount of rep. They are worth 5 rep a piece for Booty Bay and 2.5 for the other groups.
Source
Warcraft - Bloodsail Faction Guide for Admiral Title and Hat
Not sure if this is cataclysm updated or not
