Zone will reset itself if all group members leave. There is a quest inside called Save the Pirates!, which must be completed to finish the zone the first time around. This quest cannot be repeated.
Be warned that you must pass a linked group of 6 level 22 mobs. The mission on the ship (access quest) is level 25 for a reason, it's foolish to enter the island before that.
The problem with this zone is even though there are groups of down arrow, not-heroic-marked mobs, they put tons of debuffs on you and tend to auto aggro and chain aggro even though you are body pulling. The entry on the dock is the hardest thing to get through without pulling 3 or 4 groups on you, which shouldn't have been a problem if not for the tons of debuffs and dots on you.
-- I figured out how to solo this. Added my comments to the discussion page.
If you are killed, you return to the Smarmy Sprocket where you can only once again pull the lever to return to the instance. In order to leave this loop you must click the tiny ladder at the end of the dock to return to your home city.