I think it took me about 3 solid days going after this guy, and one of those 4 hour sessions was a full zone wiping everything on cyclops island.
Hate to break your spirits, but if you think the wait for the cyclops is bad, just wait till you get into the seahorse caves in Kedge.
Mark my words - you will be down to 20m, party injured, and THAT is when he will spawn right in front of you.
And as SOON as you finally decide to pull him, the room will start re-popping.... :-)