Yes, I have seen him and other folks have too. I remember during the Plague of Bertoxxulous years ago seeing him in SK.
According to Allakazam...
The Ring of the Ancients drops from "an ancient cyclops," found in Eastern Karana, Southern Karana, Ocean of Tears, and Southern Desert of Ro.
http://everquest.allakhazam.com/db/quest.html?quest=28
I wonder what the PH could be. Static spawns are the PHs for Grizzleknot and Coloth... He also isn't tied to any of the Quillmane PHs that cross the mound.