Drops every time as far as I know from the gale caller, I believe there is a single spawn (not placeheld) on the island dedicated for it so each Sky raid that goes to the island will get at least one shot at it...
... except there was a bug a long time ago that placed the gale caller on the same faction as the PoS quest NPCs, and most raids still haven't adapted to the fact this was fixed a long time ago (multiple people have killed it since with no faction hit taken), so good luck, I have all the pieces myself barring that one.
The giant, like the others, I believe will be available for at least each round of fire giants (no idea what the spawn time is, or if it is faster, but it basically appears to be up at each and every naggy raid so you might want to tag along and help one in exchange for the drop off this giant).
Here's a link I had kept regarding the mobs for this quest, in case you find it useful at all:
Gale Weaver Mobs -- eqdruids forums
Annabella