The fangs are lore items, they can be sold or traded. Having said that I have started my quest:
After getting the quest and turning in the letter etc. My first task was the Burning Sash:
Luckily I was the only player in the zone and I am a 55 ranger, and also had a merc with me. I used cloudy pots / invis until I got to the bats. At that time a level 78 Pally came into the zone looking for a Guano Collector, I traded my services of tracking for help with the imps. The pally pulled all 8 or so of the imps and killed every one of them all but one dropped a burning sash. So it took 20 minutes in Naggy's lair because the Guano Collector was also up.
Second was my trip to lower Guk, this took awhile because I had to fight all the way through the grey undead in lower guk to get to the hand. Luckily he was up, unluckily he did not drop the Adamantite Band after I killed him fast he was green to 55. I waited 23 minutes cause I set the timer, and he respawned. The second spawn he dropped the band so I got out of there.
Third was Mistmoore: I had already gotten Maid Issis tooth from a previous visit to MM when I was level 35, so I concentrated solely on the Butler He was up when I first got to the zone I killed him and he dropped the cape, I spent the next 4 hours in the zone and he never popped again it was every other thing from Ancilles to Willsappers, every 18 minutes. I finally gave up and am camped there. So he was there when I got there and popped 0 times of 13 or so pops after I killed him the first time.
Absolutely stupid if you ask me, first you cant get a level 49 spell until you are level 50?
Second it only does 246HP direct damage, when you got spells at 55 that do 400+ now,
Third, the timer on this Butler and Maid mob is ridiculous for a low spell, and the drop rate for teeth are even worse.
SOE serioulsy needs to reconsider some of these quests and ease up on the player and at least make some of them worth your time and effort, and for mediocre spells the task should be semi difficult, in other words: the Maid and Butler should spawn regularly every 18 minutes with no Place Holders, and drop teeth every one of five pops. No one is going to make a fortune off the drops from these mobs so there is no reason not to change this quest to help out level 49 rangers. Also make the teeth no drop to force the quest, this way the player actually needs to do the quest, but knows that it can be done in a few hours not days.