Beasts of Fable Book I

Coordinates for those that use TomTom

/way Valley of the Four Winds 40.54 43.67 Lucky Yi
/way Valley of the Four Winds 25.29 78.54 Greyhoof
/way Krasarang Wilds 36.23 37.34 Skitterer Xi'a
/way Jade Forest 57.04 29.12 Nitun
/way Jade Forest 48.42 70.96 Ka'wi the Gorger
/way Kun-Lai Summit 67.87 84.69 Dos'Ryga
/way Kun-Lai Summit 35.18 56.17 Kafi
/way Townlong Steppes 72.26 79.78 Ti'un the Wanderer
/way Vale of Eternal Blossoms 11 71 No-No
/way Dread Wastes 26.18 50.27 Gorespine

Elite battle pets are easy enough to spot as they have a YELLOW paw print instead of the standard green paw print. They are also named and when targeted have a golden elite dragon around their portrait. I've now done this live, nothing new or different except one pet's family has changed. Happy hunting!

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PTR 5.3 notes of interest:

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• Protection for bad luck streaks have been added to Battle-Stones from pet supplies bags and wild battles. Each bag or battle that does not provide a stone has a progressively better chance to award a stone to the player.
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• Beasts of Fable daily quest has been broken into three separate chapters. Players can now choose to do any or all of the chapters each day. Rewards have been modified to include a new consumable that will boost battle pet XP for a limited time.
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• All Pet Battle daily quests on Pandaria, Beasts of Fable and Spirit Tamer quests will now award experience, valor, and Lesser Charms of Good Fortune.
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• All Pet Battle quests will now award experience.
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• Increased the difficulty of elite pets on the Beasts of Fable quest.
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Things to know:

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• Beasts of Fable quest will become available from Sara Finkleswitch or Gentle San once Aki the Chosen has been defeated.
• Defeating all of the fabled beasts will award the new Red Panda pet. Once completed the daily quest will open up which allows the chance to receive one of the other panda pets in the daily bag ( [item=94207] ).
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• They are orange legendary quality, not purple epic.
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• There is only one elite more than one elite pet per zone but not all zones and they look to be all up at the same time. (see spoiler for locations). It's been confirmed, there are 10 elite pets total.
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• A lost battle doesn't cause the elite to despawn (well it despawns but respawns within seconds) and you can not kill it (thank goodness).
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• They do not take long to respawn after a win so spawning is not a issue. This makes sense since it would get quite nasty out there if they had long spawners.
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• They are for fighting only, not capturing.
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• Read Perculia's comment post regarding their abilities over HERE or HERE. Once you have the right team they are not impossible to defeat however some of them are a challenge (think Thundering Pandaren Spirit) and there are times you will lose until you get the right team together, but none are OP or 'unfair' as of now (having flash backs of Mo'ruk early days *shivers*.)
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• They do not move around, as of right now they're all stationary, just like trainers and Spirit tamers.
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• They're really cute and you will wish they were capture-able! I love No-No and will just hang out under the umbrella with her because she is so darn cute! I really wish I had a pet that looked like her * wishful sigh*
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After spending time just on these guys I haven't found them to spawn anywhere else but in the following locations:

Spoiler

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• Ka'wi the Gorger LVL25 [Beast] Jade Forest (Grub) - Find him in Fox Grove close to where Chibee roams.
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• Nitun <The Midnight Plunderer> LVL24 [Critter] Jade Forest (Masked Tanuki) - Find him south of Sri-La Village, (if looking at the map he is south of the flight path of Sri-La behind a mountain.) I found him at 12:43am, unsure if he is a night time only spawn.
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• Dos'Ryga [Aquatic] KL Summit (Fish) - Find him sitting down on the shoreline of Inkgill Mere.
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• Kafi LVL25 [Beast] KL Summit (Summit Kid) - Find him overlooking Winter's Blossom on a cliff.
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• No-No LVL25 [Aquatic] Vale (Golden Civet) - Head to the far far far SW corner between Dread Wastes and the Vale. Near gate of Setting Sun sitting under a umbrella chair.
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• Ti'un the Wanderer LVL25 [Aquatic] Townlong Steppes (Turtle) - This one is hard to explain as it's not in a named area and I don't have access to co-ords right now. If you fly to Gao-Ran Battlefront he is NW from the flight path. Just a few short steps away. Upper Sumprushes is above the location but if you move NW from the flight master you should see the yellow paw print almost instantly.
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• Gorespine LVL25 [Beast] Dread Wastes (Porcupine) - Venomous Ledge, right on the cliff edge.
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• Skitterer Xi'a LVL24 [Aquatic] Krasarang Wilds (Water Strider) - Along the eastern shoreline of Krasarang River up near Krasari Falls .
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• Greyhoof <Calf of Darkhide> LVL23 [Beast] 4Valley (Mushan) - South of Darkhide under a tree in the Wild Plains.
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• Lucky Yi LVL25 [Critter] 4Valley (Marsh Fiddler) - Direct north of Wika-Wikia in The Heartland.
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REGARDING PET EXP
5.2 live battling pandaria tamers have been designed to award good XP boosts while the beasts of fable have been designed so you have a better chance of getting a stone:
While addressing a pet collectors concern, Mumper Tweeted:

It's all about options. If you want great XP, hit the Pandaria tamers, if you want rare battle-stones, hit the Elites.

For me at least this rings true. When I started PTR pet battling the XP was great, I could powerlevel, but that got nerfed, however in PTR and live I have yet to open a bag that hasn't had a stone, a pet or a pet and a stone (love those days.) So if one of your pet collecting goals is to make your pets all blue, definitely hit the beast of fable daily for those stones!

GETTING STUCK IN A FIGHT?
For those having difficulties just make sure your three pets have strong spells against the elite pet, for example all aquatic battles I use my crow, guarding cub and chicken, all beast fights I use all mechanical pets (2x tonks and a robot chicken) and for all critters I use all beasts (my cheetah cub, fjord worg and random spider.) Using this method I rarely need to use that last pet in the fight.

Please note the daily requires you to kill all the pets again but considering the odds of winning a stone in your daily bag is so darn fabo I think it's worth the effort (but one of my goals is 'all blue' so if you do not care about pet quality you may just want to stick to the pandaria tamers.)

New Generic Team for Beasts of Fable (updated for 5.4)

[petability=321] has been changed to disable the undead racial, so you might have to continue to [petability=593] more often than before.

[npc=71163] - Round 1 [petability=321]
[npc=66950] - Round 2 [petability=418], Round 3 [petability=513], Round 4 pet swap
[npc=68662] - Round 5 [petability=362], Round 6 [petability=593]

This team sets up a massive amount of damage to go off at Round 5, preventing the enemy from countering with heals. Continue with [petability=593] if it's still alive after that.

The combination of attacks should be sufficient for any of the elite pets as long as [petability=362] is up. No-No is tricky because of his barrier, and some pets might kill your water spirit before it gets both abilities off. Try again for better RNG.

Since the val'kyr is uncommon, you could substitute another pet with [petability=321] or [petability=218]. [npc=68662] is also the only pet with [petability=362] that has a hard-hitting ability like [petability=593].