I've been wanting to do this ever since I heard the Bloodsail Admiral Hat exsisted. Saying "The hell with you, Booty Bay!" I gleefully clicked my "At War" tab a few days ago and flung myself Smite-first at any and all Booty Bay Bruisers who came near me. I camped Booty Bay, and much to the scorn, and dismay of many (and the outright joy of a few), I slaughtered many, many Bruisers.
I am now 0/36,000 with Booty Bay, haha.
First off, there's a new outfit you get at Neutral, which is kinda fun:
(The hat is mine from before, it's the First Mate's Hat, dropped from the pirates.)
Got the quest to get the hat at Friendly status. I had to kill two Captains near the Horde Flight Master. I died five times just getting to a safe spot where I could safely pull the guys. Good times.
However, it was worth it:
And for your reading pleasure, here's a rather amusing chat (one of many) with someone who stopped to question just exactly what the hell is this girl doing.
He asked me what the hat did, and I told him this: (I typoed it as FF6 and not 7, like I meant to, but you get the gist)
And my last brag of the night:
Spirit of Summer pet. Insanely, stupidly hard to get. But I had to have it.
*EDIT: If you are actually interested in this, check out the WoW Wiki Bloodsail Page for more information. It's really detailed, and gives you all the pros and cons of doing this. It helped me a lot.
(On a personal note, I suggest if you are farming them alone, to just sit in the entrance and pick off the two at the entrance and two in the tunnel, because it's safer than using the spot they recommend in the guide.)