Felcloth & Runecloth Farming in Felwood (Classic - WoTLK)
Another great option for farming in the upper 50s is the Satyrs that are located in northern Felwood. The Satyrs here are super squishy and the camp is large enough to sustain two or three people farming it at a time, at least until everyone starts getting Aq40 and Naxx gear, at which point one person can plow through the whole thing.
The Satyrs here drop Runecloth, Felcloth, Demonic Runes and Greens which you should disenchant into either Illusion Dust or Greater Eternal Essences. Unless the green sells for 4g + I usually DE it, as it's more profitable that way. Your main money makers here will be the Runecloth and Felcloth, both of which will always be in demand throughout Classic WoW.
Demonic Runes aren't something you can sell, but they're another one of the reasons that this location is very worth farming. These items can be used by any class with Mana as consumables during raids, which makes them one of the more in demand consumables by raiders.
<Herbalism/Mining/Felwood Plants & Other Information>
If you're a Herbalist or Miner you will find a great source of herbs and mines all around the Satyr camp. Miners will be able to find quite a bit of Thorium Ore around the Satyr camp as well as some Mithril. Herbalists get the real pleasure here. Throughout the camp you can find spawns of Golden Sansam, Dreamfoil and Gromsblood and along the hills and mountains around the camp you will be able to find Mountain Silversage.
If you're worried about how much gold the camp will actually give you an hour ask the chinese farmers that farmed here at level 60. I'm sure the 3 of them per server that were here 24/7 could vouch for how awesome it can be.
Items of Interest
Greens to Disenchant
Major Healing Potion
Major Mana Potion
High-end Level 60 Herbs
Mithril Ore (Chest loot)