Boubouille at MMO-Champion posted sort of a walk through/preview of the Northrend flying mount questline. It seems easy enough and you actually make a coin or two. Check it out.

• Level up to 77.
• Speak to Weslex Quickwrench in Nesingwary Base Camp and do his questline if you didn’t do it yet, at this point you probably already completed it while leveling.
• Once the Spirit of Gnomeregan is repaired, speak to Professor Calvert and accept the quest.
• Go to Lakeslide Landing near River’s Heart and talk to Pilot Vic here.
• The first quest he gives is a short quest to find his keys in the lake next to him.
• The 2nd quest will let you go in a reconnaissance flight with Pilot Vic. After defending your airplane against undead attackers you will eventually have to control it after one of the shot hits Pilot Vic. Go back to the Lakeslide Landing and …
• Enjoy your flying mount !