I have a grand myth wizard who had to farm her for the grand hat. It took me almost 5 weeks of battling her every night to get it! I got so much spider silk from her that I was able to knit my own robe! Good luck farming her!
She also drops the Crystal Spider Queen pet-got that in one shot. It's an 18 hour hatch, and at ancient (yes ANCIENT) casts poison. It's also one of the coolest looking pets I've ever seen! Erin Dawn Weaver, Grand Master Life, meet me by Gurtok Demon for farming fun :-D