I just went thru a lot of this. Here is what I did.

Leveled first team to 80. bought just enough gear to allow me to use /lfd on one shammy. geared him to the first 4 pieces, then specced him as resto. Geared the next shammy to 4. Geared 3rd shammy to 4. Then started running as a team.

Once the whole team had a few pieces I put spent the stone keepers shards on shoulders and emblems on heirloom chests. I had money saved for heirloom cold weather flying, which is good at 68.

next team will be fast. I skipped terrokar all together and just ran hellfire peninsula, zang, and nagrand with a few instances. At that point I was 68 and hit Howling fjord. Its much faster when you can fly in northrend.

On the heirlooms 80-85. I believe blues have said the exp bonus wont work. I dont recall when I read that though.