If you don't loot, then the Fray Island pirates don't spawn fast enough to keep killing them. Also, if you are there, the named NPC gives five times the standard rep, and then there's the racial and holiday bonuses to rep. I got my Bloodsail rep to unfriendly, which is the lowest you can have it to prevent them attacking you, and then got BB back to neutral, getting Ratchet to revered in the process.
Grinding out 24s to exalted sounds like a pain to me and I have no immediate plans to do it. I'm currently trying to convince a level 1 to rep grind with me in a group with a high level actually killing things for us, but it seems like too much hassle to do on my own.
You can also kill goblins near ZG to get your rep up, without hurting your rep with Bloodsail, if anyone is interested in doing that. I find fishing a lot easier without half the coast trying to attack me.