I feel there should be a Horde Loremaster, Alliance Loremaster and Azeroth Loremaster. I feel a way to showcase IF you got Loremaster on Horde, Alliance or Both is by having achenvements to showcase which you did. Could also have Faction specific rewards then as well. plus assuming quests in future expansions wont be Faction specfic like how it is in those like Classic and certain other expansions then those quests could be included in both.