As far as i know, this WHOLE set drops in scholo correct?

As of patch 5.0.4, this set seems to have been removed. Scholomance has had a huge revamp, changing all loot tables. Lady Illucia Barov has been removed from the game as well as her husband Lord Alexi Barov, and most of the bosses in the original dungeon. It appears the only one in the family that stuck around was Jandice Barov, the daughter.

It really is too bad, the legs are absolutely great for transmog sets.

This set is also good for Hunters. This set combined with the ancient bone bow and you're all set to kick some arse. Just get a mail helmet and mail shoulders and voila, you get +5% Agility from Mail Specialization at level 50, which hopefully this set lasts long enough for. If you're a Hunter, don't be afraid to Need this set just because there's an Enhancement Shaman in your group.

On a side-note, the bow drops in Scholomance as well, so Scholomance is a great instance for Hunters. And if you don't like using Mail even as a Hunter able to use it, Scholo also drops some kick-arse Leather for ya aswell.

Edit: Just typos. ^^;
Edit2: Little more info.

To be fair, this set would have been alright from an enhancement shaman DPS perspective, judging by the fair amount of strength and intellect combined with some agility and critical strike rating; but the 2 and 5 piece bonuses, along with the dodge rating on the chest piece, were wasted in an attempt to promote shaman tanking.

Plus, the lack of additional critical strike and hit (Melee or Spell) rating also hurts this set as well, rendering it into nothing more than the questionably valuable "hybrid role" set it has been since the game's release.

Edit: I'll be damned, they actually gave the set decent stats during beta. People can actually expect both shaman and hunters to use the set for more than looks when Cataclysm comes out.