Ironeye the Invincible (L35 Elite) has the most valuable loot in Thousand Needles. It has about 40% drop rate for the blue sword "Blade of the Basilisk". This guy seems to respawn only once for every 24 hours though but is a good one to farm when you happen to be around.
There are people who say that they actually camp this mob by coming to kill him once per day. I'm not totally sure about the respawn time but it seems to be 24 hours at maximum, maybe 16 hours or so. The reason why Ironeye is so great unit to farm is that he has a 40% drop rate for Blade of the Basilisk. Has a 50 gold median price in the AH.