from wowhead:-
By Pucksnok 2 days ago (Patch 4.0.3)
I have destroyed my Bloodsail rep and farmed all up to exalted for Steamwheedle... but checking the achievement it still says I need Bloodsail honored. I will turn in Darkmoon Faire all to exalted this sunday and lockboxes on it's way... will report how it goes but it looks dark, seems I will have to do Bloodsail again, at least if I look at the tracking of the achievement.
I have a gm who told me I don't need the rep at same time, blue has said it as well, but I wonder if I can ticket this if it ain't working... anyone know? They can easily see I had all reputations needed.
Rating: +1 [-] [+]Report|ReplyBy Pucksnok 9 hr 30 min ago (Patch 4.0.3)
Today I got Ravenholdt exalted, the last faction to get exalted, and as I tought I never got the Insane in the Membrane-achievement. I got all at exalted except Bloodsail which I have done earlier and destroyed. Have done a ticket to see what they say but with 1 day until Cataclysm I guess it will take a long time before a answer...

Will not do the grinding again for something they confirmed would work.