Prior to Cataclysm I had farmed Honored rep with Bloodsail and had begun painstakingly repairing my rep with goblin factions WITHOUT hurting my Bloodsail rep.

Now I am distressed to discover that Bloodsail rep can now be farmed up to exalted, and with my psychotic completionism, I feel compelled to do so, thus killing my goblin rep again and requiring me to repeat the process of refarming goblin rep.

However, it occurred to me as I was about to start that I had heard somewhere, on a forum or something, that if you got to exalted with the 4 Steamwheedle factions (or possibly just with Booty Bay) that your Bloodsail rep would automatically revert to Hated (thus making it impossible to have both reps at exalted at the same time).

If this were to be true, then I wouldn't bother with getting Exalted with Bloodsail since I already have the "Insane" requirement completed and would lose it anyway later on.

So my question is, can anyone confirm whether or not this is true?
Does Bloodsail rep revert to hated automatically when you hit a certain rep level with Steamwheedle factions? (either exalted with all 4, exalted with Booty Bay, or whatever)