Cobalt Drake Hide Farming Location
Cobalt Drake Hides drop from the Cobalt Drakes that roam around the snowy portion of Cobalt Scar. You can get a Druid or Wizard to port you to this zone or if Dragons of Norrath (DoN) is live on your server, you can take the Guild Hall portal here. The Cobalt Drakes you need to hunt are right around where you port in at, just don't go down to the beach and stay up on the snowy portion.
The Cobalt Drake Hides don't have an extremely high drop rate, I would guesstimate about 30%. In addition to the Cobalt Drake Hides that drop here, you'll also be able to hunt the Arctic Wyverns which are perched on the cliff sides overlooking the beaches. You can use the Arctic Wyvern Hides that you get to make Arctic Wyvern Gear.
If that wasn't enough for you there's also Othmir enemies which are down on the beach. You can hunt these cute little guys for their Othmir Fur which is used to make Othmir Fur Gear (which can get you to 300 Tailoring).