In Cataclysm, all of this is unnecessary. You hit level 68, you spend around 500g (475g for the human character I used to test this, talking to a flight trainer in Stormwind) -- and bam, you can fly in Northrend. (Said human was level 1; as you can see, he didn't even have 1 solitary copper on him.) So there you go. Do all of your alts have CWF? If you somehow have an alt who is above level 77 but doesn't have it yet, will you be picking it up?