There are 3 notable places to make Cyclops Smiths (as well as other kind Cyclops) bestiary:
1) Mount Sternum (FACC area)
Mount Sternum is good only in case, when you character doesn't have PACC. In any other cases we can consider it as the smallest place with the poorest respawn. You won't meet many Cyclops Smiths there. What is more this place is always occupied by low levels without premium account.
Cyclopolis, north from Edron is nice and comfortable to hunt especially if you're a really low level. That's why it is often very crowded. Unfortunately the higher level you are, the worse it is due to the very narrow ways. It is definitely much better place if you don't want to take a lot of monster on yourself. Advantage of this place (if you're a bosshunter) is that you can meet boss of Cyclops Smiths - The Old Whopper.
Mistrock is the best for higher levels. You will find there level 0, +1 with huge amount of Cyclops Smiths in assist of other kind of Cyclops + several of them on a higher levels. You don't have to wait for rapid respawn, since you won't be bored even with normal spawn.
Here are examples of a map: