This is kinda weird to mix the pre and post update (1.12 or so iirc) mount mechanics. Mounts used to bind on use, but required faction-specific riding skill to use, which prevented you from riding it without having the appropriate reputation level.
What does exactly mean the staff by "Bind on Equip"? Not BoP, i.e. BoU here I guess? Having mount BoU with no faction specific riding skill is just a mix of two systems, and basically anyone with 1k gold can buy (or have a friend buy) a mount and then have it traded before the change.
That way, they'll ride it without being Exalted.
I haven't tested anything on Nostalrius itself, this is just what I understand from the OP's post, and this is wrong. Anyone can confirm / infirm that?