In reference to using the waygate without completing the normal prerequisite quests in Sholazar Basin, I wanted to add that I tested it myself on my 71 mage. He has Cold Weather Flying, thanks to an alt, but had never been to Sholazar before. The waygate in Sholazar does not work until the Meeting a Great One is accepted, and it does not work after completing it. The return portal did, however, work even after completing the quest. In short, this was very hassle-free. Use portal, complete quest, return.