Well, I finally got off of my lazy, tauren butt and headed over to Ironforge for Old Ironjaw. I haven't caught him yet, but I'll share my method of getting situated, since it seemed to work pretty well.
First of all, I don't like running into Ironforge directly. It's too crowded, and I tend to get chain-ganked. I mounted up and sped through Stormwind to Tinker Town where the tram is. If you get netted or anything happens, do whatever you can to stay mounted. Guards will de-aggro once you get far enough away. Once you get zoned into the tram, there tends to be less trouble, as there are few players and no guards.
I stealth at this point. Take the tram to Ironforge, walk up to the instance portal to Ironforge and unstealth. Wait until the stealth cooldown is done. Zone into Ironforge and stealth immediately. Walk down the tram hallway and make a right. Avoid the fires and pair of guards at the start/end of each hallway. Continue until you see a fairly large pond on the left, in the Forlorn Cavern. This is the body of water where you'll fish.
The alliance traffic will generally be coming from the opposite direction you came from, so your best option is to pick a spot along the back wall, in the opposite corner. You will not need water walking potions; the water is shallow enough to walk on the edge. You will probably want to fish while /sleeping to keep a lower profile. However, you may want to bring some Elixirs of Camouflage. It seems that the majority of alliance who found me were hunters and druids who had track humanoids on. With the change to the blips' coloring, they can spot the enemy faction quite a bit easier.
Good luck, everyone!
Edit: On my 943rd catch, I finally claimed him for my own. Phew!