This is what I have been doing lately. I have run some of the old school raids on some of my characters to attempt to get some cool looking gear with mixed results. I think I have gotten two tier pieces in 3 raids (a piece of T1 on my warrior and the T2 helmet on my Druid), but have gotten some cool looking weapons and shields. I have run MC once and BWL twice.
I also decided I am going to try and deck out the purple faux Justice Set from Outlands on my Paladin.
BWL was pretty much a piece of cake. I am pretty sure we could have two manned it if not for Razorgore. You have to kill all of the eggs or you can not move on, even if you kill him before he explodes everyone. We 6 manned it the first time and 4/5 manned it the second time. It takes about 35-45 minutes.
I plan on running these raids on a fairly regular basis for the gear. I also did a Karazhan run and we did a 4 man Naxx 10.
What have you been doing to get ready for Transmorgification?