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This is the method the power levelers have used since closed beta and I finally got one of them to give it up. It is by no means the way to go if you want to maximize your experience in the game as this method will bypass almost all the content in the game and essentially ignore many of the fun, unique aspects of WoW. This is not recommended for new players and is meant for players who already have experienced the content and just want to level up an alt to play with their level 60 friends (ie. your level 60 instance group needs a priest and there are no priests to be had). As a benchmark to how successful you are with this, download cosmos (Cosmos) and use the clock feature to measure your xp/hour. At level 50 you should be getting about 40,000+/hour.
1-20: Newbie lands, stick to the friendly zones (not contested). Just grind. The quests are a waste of time up to level 20 if you are focusing on maxing out xp per hour. 20-26: Wetlands quests and raptors/slime/orcs for grinding. Redridge mountain Lakeshire quests.
26-30: Duskwood quests and undead for grinding. Hillsbrad critter roamers for grinding.
30-35: Did these all in a day on Daggerspines in Hillsbrad right next to Southshore along the coast. Huge spawn, very fast respawn rate, easy mobs to kill. Purgation isle (island in the very far Southwest water area of Hillsbrad) also a nice secluded place you can grind on undead.
36-40: Hillsbrad southshore quests. Desolace quests and kodo grinding for 36-38, then Undead Ravagers in the southeast for 38-40. Cresting exiles at the circle of outer binding in Arathi also for 37-41; extremely easy mobs with a fast respawn. Alterac ogres from 35-40 for grinding. Drywhisker kobolds in Arathi east of Hammerfall for 36-39 for grinding.
41-45: Hinterlands trolls, owl beasts, and wolves for grinding and quests. Badlands ogres, gnolls, and quests.