Rotscale. a lvl 30 undead dragon with a lot of potential to drop perfect sephis axes.
Bones & Glittering dust, they drop like there's no tomorrow from undead..
It's fun, and pretty easy to do, similar to the cookie-cutter griffon farming ease.
Now for the build:
Attributes:
12 Smiting Prayers
8 Healing Prayers
10+1+1 Tactics [minor + ascalon helmet]
Skills:
Symbol of Wrath
Shield of Judgement
Smite Hex
Scourge Healing
Healing Breeze
Balthazar's Spirit
Mending
Healing Signet
Equipment:
Full gladiator's armor, ascalon helmet and an Ivor's Staff
why Ivor's? well it has -20% dazed duration, which is perfect against rotscale [he uses an attack that dazes you for 20 seconds] and ofcourse 20% recharge with +20% enchanting, very nice for Shield of Judgement

The how-to part:
Start from Temple of Ages and run to Majesty's Rest thru black curtain & talmark wilderness, you should have no problems just *walking* thru the areas with mending on.
Once you enter Majesty's Rest, cast mending and walk NW towards the island [ignore the reed stalkers and fog nightmares].
Now you have two choices; 1) fight all around the island to kill all the ghouls, zombies and whatnot. [as previously said, they drop lots of dust and bones, and this will prolong the amount of times you can rezone before getting nerfed drops warning] or 2) Go straight for Rotscale & friends.
Personally i like clearing the whole place, those nasty ghouls dropped me 2 black dyes in my last run

Either way cast balthazar's spirit on yourself and walk towards the mob of choice.
If you go for generic undead killing, bunch them up around you, cast shield of judgement and symbol of wrath. they'll die rather quickly.
If you get hexed with barb, use smite hex. wonderful little spell that does 140dmg to undeads.
Once you have the area cleared, go towards the bridge that leads to Rotscale's island [near statue of balthazar].
cross the bridge and cast shield of judgement on yourself straight away. now run to the center of the island and let all the bone dragons hit you. if done properly they should all die at this point.
if they don't; run back towards the bridge, wait for SoJ to recharge and cast it, again go to the center of the island and wait for the dragons to die.
Now that they have all perished, we deal with Rotscale

Cast scourge healing on him [this will pretty much neutralize his heal area], symbol of wrath, and start attacking him [your staff does 2x damage aswell]. ofcourse recast SoJ when it's ready. he should be a nice french toast by now

Now go back to the portal to talmark wilderness and re-zone to Majesty's rest, do the whole run all over again

Personally, so far iv'e done 2 full runs there [each with 5~6 re-zones] and got a little over 100k in drops.
Those undead dragons really like dropping perfect dead staves, which contain perfect mods that can be sold for nice sums of cash

REMEMBER, your mileage may very, i'm in no way saying that everyone and their mom will be getting perfect drops on every run. so don't blame me if all he drops is orr emblems.
Good Luck, have fun & thanks for reading

/NINJMNKY
Video: http://files.filefront.com/NINJMNKY_.../fileinfo.html
[Shows how to get from the portal to Rotscale's island]
[maps snipped from MOOMANiBE's GW map]