Greater Arcane Protection Potion Recipe Farming Location (Classic - WotLK)
The Recipe for Greater Arcane Protection Potion drops from Cobalt Mageweavers in Winterspring. You'll find this enemy in the elite dragon cave which is in the south-central portion of Winterspring, along with many other elite dragon enemies. Every elite dragon shares a spawn location in this area, so you'll have to fight them all if you plan to farm here awhile, you won't be able to just pick off this one.
Note: That means the non elite whelps do not share a spawn with the dragons, you can avoid them if you want to.
In addition to the Greater Arcane Protection Potion Recipe, the Cobalt Mageweavers also drop the Robe of Winter Night Tailoring Recipe and Arcanite Dragonling Engineering Recipe. Robe of the Winter Night is one of the best pre-raid robes in the game for Mages and Warlocks and the Arcanite Dragonling is a pretty popular Engineering Trinket.
Aside from these valuable items, Horde players have to come here for the Onyxia Chain as it involves defeating a dragon in the back of the cave. There is also a UBRS quest that requires you to go to the back of the cave and a Hunter quest which involves defeating a lot of the dragons here for a Sinew. In other words, these dragons are popular for quite a few different reasons.
The main profession that will increase your profit from farming this location is Skinning. You'll get a ton of Rugged Leather, Thick Leather, Worn Dragonscales and Blue Dragonscales from the dragons here. The Blue Dragonscales are used in Dragonscale Leatherworking to make arcane resist gear which is basically useless, meaning you'll probably never sell them on the AH. Worn Dragonscales sell, but not that well and of course Rugged + Thick Leather will always sell as that's used in most LW recipes.
Miners will find Rich Thorium, Small Thorium and Mithril in the area as well as inside of the cave. Herbalists will find Mountain Silversage outside the cave along the mountains and Icecap throughout the snowy plains. You may find an occasional Dreamfoil too and if you get really lucky maybe even a Black Lotus, but I do not think they spawn in this area.
PvP Server Tip: Try hiding inside of the cave if you want to farm peacefully without worry about being ganked as often. The only people that can reach you without clearing the mobs are stealth classes