Completed this about 5 days ago. I was revered with all 4 steamwheedle factions, and after researching the best way to do this achievement I grinded the bloodsail to honoured, which made me hated with the steamwheedle factions, I then completed all the cloth turn ins which took me to neutral/ friendly with some of the cartels, and I then grinded out pirate mobs with my girlfriend until I hit exalted. When my reputation with bloodsail was reduced from honored to hated, it re-emerged on my tracker but as soon as I hit exalted with the last cartel faction I got the achievement.
So i did it the same way Phaethon did, only missing ravenholdt but still having bloodsails on the tracker, but now with the hotfix i should be fine right? i had them on honored, before i farmed steamwheegle...