Diggins, a rogue trainer in North Kaladim is supposed to reward faction, small coin and occasionally a minor weapon for handing in 4 RunnyEye Warbeads. I am a Dwarf Rogue at Kindly faction with Miner's Guild 628 and he currently just eats the beads.
More information on the quest and NPC can be found here:
http://everquest.allakhazam.com/db/quest.html?quest=635