My thanks to user cefiroth. There was an old info thread about maxing alchemy that provided false/confusing information, and he/she provided clarification on it. I am just reposting his info in an ordered form. Below are a set of instructions on how to max alchemy.
1. Use Le Bot (or some other method) to farm the two water Draconians outside of Vasalkar's Lair, who drop Ice Vapor and Dragon Scales.
3. Start packet spam at 2500. As long as you have the two ingredients, you will receive high level potions, tonics, and elixirs that can be produced from dragon scales and ice vapors, and will receive 5000 rep for every resulting product until you run out of materials.
The Following User Says Thank You to astralmeson For This Useful Post: