http://everquest.allakhazam.com/db/quest.html?quest=885
"Here is what I did, since there was only two of us. I harmonied the named giant then pulled him, then killed him and looted the elixir. Now the other giants will kill off Tain, but
wait an hour and he will repop.
When Tain repops do not give him the elixir. Say " what help" wait for him to sit down and respawn, he will cast a spell. Then give him the elixir and you will get the Coldain smithing hammer."
seems a 3 hour spawn time is a stretch also.