A few months ago I decided to start on the Insane in the Membrane FOS. I read multiple discussions on MMO-Champion, Battle.net and Wowhead, because it was a bit confusing (for me) if the bloodsail rep had to be maintained while farming the other reps to exalted. According to multiple messages on the forums and a hotfix note (5.4, I believe), it should count if you were honered at some point with bloodsail. With that in mind I started and 'completed' the steps in the following order:
1. Darkmoon faire exalted (spread over several months).
2. Bloodsail honered (got Avast Ye, Admiral! and the outfit while I was at it).
3. Use cloth quests to fix steamwheedle cartel rep (and thus losing bloodsail rep, but it shouldn't matter because I was at some point honored.
4. Farm pirates to raise Booty Bay, Everlook, Gadgetzan and Ratchet to exalted.
5. Ravenholdt exalted.
So after a lot of work, I expected to see my precious achievement to pop up after handing in the last five junkboxes. However, it didn't... Did I do something wrong or did I misunderstood the bloodsail part? I hope not, lol..