Like notinterested, I prefer the OOT camp.
I kill the PH, and go about doing other things (cleaning the house, reading a book, etc). I use a simple egg timer that I bought at the Dollar Store to keep track of how much time I have left. I don't remember the respawn time, but it was in the 10-20 minute range.
Or, if no one else is in the zone, then I simply have FOE up and run over to the seafury cyclops island, kill a few cyclops (and Mr ATM, of course), and then run back and kill the PH again.
Either route you take, like the above have stated, expect a long camp.
Good luck !