The quest the OP is refering to:
http://wiki.project1999.com/Drolvarg_Teeth
The factions one would have to raise for the quest NPC:
http://wiki.project1999.com/Emerald_Warriors
http://wiki.project1999.com/Storm_Guard
http://wiki.project1999.com/Inhabitants_of_Firiona_Vie
Is it possible? Yes, is it worth it? That's up to you. If FV is really worth hours of faction grinding followed by hours of canine farming. Then yes, No gurentee it will make every npc (such as guild masters) become friendly towards you though.
Edit: Its never a bad thing to have another place to bank in Kunark lands. But as a evil race you should be able to bank in OT unless you picked a deity that ruins that. OT hammer takes you right to that spot too.