I want to dualbox RAF but I have a question

I have an 80 death knight on my main account. But I want to have a mage and druid as my RAF, so do I buy two new wow accounts? And to whom do I link it to?

Also can I transfer them right after I get to 60? Because I don't really need them on separate accounts and I just want to get the 300% exp + Zebra mount.

Also what is this "cloth turn in" quest people talk about in RAF guides? I remember they give you rep and stuff but whats the significance of it? For instance, in a guide the guy said make sure to get x amount of each cloth for your RAF accounts. Do the quests give exp and they are repeatable or something? Thanks for the help guys.