I just picked-up this item. A little trick (might be well-known, but I was happy to discover it) for those having a hard time convincing friends that running WC for the rare boss is in fact fun:
1. get your twink to the instance.
2. invite a friend and form a raid
3. get on your main, join the raid and start checking for the boss. (macro /tar deviate fairy).
4. reset instance if no luck, clear everything up to the Deviate Fairy Dragon if you are lucky.
5. log off inside the instance, get on twink and solo the boss.
6. loot.
I ran up against instance lock-out 2 times with this method and got the wand after the 3rd rare boss. If you log out for an extended time, your raid will fall apart.