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Stand at the rock near the bottom of the hill on Billy Goats Bluff, (the spot is in between the grapes and the powerstones harvest). Look at all the enemy spawns, if you do not see a TokoToko, gateway out of there, and gateway back until you see one.
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(Someone else posted this, but it works perfectly for me)
Go to Perdida. Cast Veil (makes you invisible to mobs). Follow the trail from Perdida all the way until it dead ends while looking for Toko's. If you find them, attack them. You get the advantage from Veil, then just cast a huge spell like Astra or attack them or whatever. Astra wipes them all out for me 100% of the time. Once you get to the end of the trail, "travel-spell" back to perdida, re-cast veil and repeat the process.
It takes like 1 minute to walk the track and there are 11-13 enemies you will see. You almost always get 1 toko each trip, and about 1/4 the time it's 2 toko's in the battle!
This way is much faster than screwing around with the toko's in the Ivory Tower.
(and it is, this is the best exp method I have found)
The Perdida tip is the best one for xp/hr in MY opinion, but other users may disagree. I just found I had more luck sometimes getting 5-6 toko's a run. Like he said, start in Perdida, Veil if you have it, and run down untill the plateau stop that opens up. Travel to Perdida and they all reset.
For tokocold's, another user posted this helpful tip in the Ivory Tower. It allows you to quickly reset spawn points to hasten the chances of a toko appearing. NOTE: doesn't increase their spawn chance, just the rate at which you can reset spawn points.
His picture sums it up pretty well: http://i.imgur.com/sGAB63u.jpg
But here's his topic if you have more questions: http://www.gamefaqs.com/boards/998014-ni-no-kuni-wrath-of-the-white-witch/65312667
"Your destiny was sealed when you chose to fight me" Jonny: NNID, PSN XBL STEAM- psychoness999
Gateway is faster because you can do it about 1/4 of the way up or down the path and check many spawns instantaneously. Also this is probably just in my mind, but I feel lie the spawn reset caused by Gateway is a "cleaner" reset and has better odds. It's also less monotonous to travel in both directions, and you completely avoid the entire enemy-less section of path between Perdida and the Powerstone forage point. The benefits of which are multiplied once you have faster land travel capabilities (you know what I mean if you have it; don't want to spoil).
As for which Toko form is best to farm, I think it's Tokotoko no contest.
1) Save right next to the enemy closest to perdida. Doesn't matter what it is. 2) Go into the battle. 3)If it's got a tokotoko in it, kill it then save then double gateway. If not, hit start, quit game, and load. 4) Go back to step 2.
This works with regular toko as well, though unfortunately you can't have 2 regular toko in the same fight.