Back and there again
In order to make travel to and from the Far East more convenient, you need yet another farportal. (You don't absolutely need another portal for 2-way travel, because the farportal in Reknor still works. So even if you complete the previous quest and travel back to Maj'Eyal, this quest is optional.)
First speak with the Elder in Last Hope, who will direct you to speak with Tannen, an elf who lives in the north-west section of town. Tannen will ask you for the Orb of Many Ways for study. You can give him it (in which case it is removed from your inventory), or refuse. Either way, Tannen directs you to obtain (yet again) a Blood-Runed Athame and Resonating Diamond. You will go look in Reknor, as the orcs had a working portal. At the location of the portal you will fight a Lithfengel and he will drop the necessary items. It is also possible to have already killed Lithfengel and acquired the necessary items (Lithfengel appears as soon as you return to Maj'Eyal), in which case you can simply talk to Tannen again.
Upon returning to Tannen, if you did not give him the Orb of Many Ways previously, he will ask you for it again. You can give him it (in which case it is not removed from your inventory?), or you can refuse again.
If you gave Tannen the Orb (at either point), he will ask you to check the Ruins of Telmur for a text on portals, while he works on building your new portal. In the Ruins of Telmur you will find the Shade of Telos, who will drop the Telos's Staff (Bottom Half) but no book. The condition for progressing the quest is to wait for 3 in-game days and return to Tannen, so it is not required to visit the Ruins of Telmur. Note that the turn counter (and therefore the date) increments much faster on the world map.
If you did not give Tannen the Orb, he will tell you to return to Zemekkys and ask him a question about the creation of the farportal. But when you try to use it to activate the farportal in Reknor and return to the East, you will be transported to the Fearscape instead, and realize that Tannen tricked you and replaced your Orb with a fake. You need to defeat Draebor, the Imp, which will open a portal that you can take to escape, returning you back to Maj'Eyal, near the Daikara.
Upon returning to Tannen, he will reveal himself as a traitor and transport you to Tannen's Tower, where you will be forced to fight both him and his Drolem. He will drop the Orb of Many Ways and Blood-Runed Athame, and the Drolem will drop the Resonating Diamond. After picking them all up, an exit portal will appear. Upon exiting the tower, you will return to Last Hope, where Meranas the Herald of Anglowen will greet you and tell you they suspected Tannen (thanks, guys, next time stop him sooner?). He will then take the Blood-Runed Athame and Resonating Diamond from you and build the farportal for you, which transports you next to the Gates of Morning.
Note: This quest is a reference to "There and Back Again" AKA "The Hobbit", a book by famous author J. R. R. Tolkien.