I haven't tried to farm the Pephredo chips, but since the mobs are Easy prey+ @ 75(RDM) it's easier/faster/better to run around on my 58 THF and 1 shot the bees w/ range attack.
Guy in Alchemy guild (I'm a noob) just told me I could try this recipe for "a lump of beeswax".
Crystal: Fire Items: 2x Pephredo Hive Chips, 1x Distilled Water
So that's a confirm on that one. Don't know about produce though, since I don't have expansion yet, and can't be ***** to look for Pephredo chips right now.