Bait Masterson should spawn only during the day in east freeport to the right of the docks on the little sand there (/loc = -360, -1100, -63.54). At night, he ought to despawn and Giz Dinree should take his place.
Source:
http://eqbeastiary.allakhazam.com/search.shtml?id=6666
Should provide following factions for killing her
Factions (-):
Hall of the Ebon Mask
Opposing Factions (+):
Carson McCabe
Guardians of the Vale
Guards of Qeynos
Wolves of the North