Back To Icecrown
At level 85, most of the Icecrown areas for farming Lovely Charms the quickest can be found in the Northrend zone of Icecrown. The top 5 areas are marked in blue on the Icecrown map above.
The training grounds North of Jotunheim have a decently fast spawn rate, especially if there isn't much competition. The Cathedral entrance at Onslaught Harbor is an excellent AoE killing area. The mobs are close together and are quick to respawn. The cultists just west of the Argent Tournament Grounds are one of the best spots that I have been using. Mobs are plenty, even with competition, and respawn very fast. You can get large groups to pull at once rather easily. You also can farm the shades that are summoned by the Deathspeaker, just leave him alive and he will keep summoning. The seigesmiths to the South are another great option.
UPDATED: Best Spot To Farm Lovely Charms - 2012