The way I'd do it, it's just tied to the racial vendors, as Skytotem said. You hit Exalted with a race, you get access to their stuff. Maybe tie some quests to it to differentiate it from the easily obtained tabards and bags, so the people who really want it have to work a little, but if all you want is Exalted there's no need to put in the extra time. Have it accessible to all races of that faction, so since you start off "exalted" with your race's faction you'll have access to at least one set/quest line right off the bat, and have to work for the others. Everybody wins!
---------- Post added 2013-02-01 at 01:48 AM ----------