Finally finished this quest,
In the lighthouse cellar, a meteor chunk will drop now and again, which spawns the quest. Have to do some various quests to find some materials and a few item drops, this is a pretty hard quest and the final part is to kill some gnoll tunnellers for a semi-rare drop of a hammer, took me around 10-20 kills before it dropped.
I started this quest around lv 10 and finally finished it at lv 25! Some parts definately require a group or to be rather high level to solo and the reward doesn't really justify the all the trouble.
Reward:
Meteoric Hoop
Attunable Ears
+2 INT +1 WIZ
+2 STR +16 vs Disease
+11 vs magic +11 vs magic
Req 45 Mst 75