Tetra Elemental Farming on Cactuar Island
You can get to Cactus Island any time after obtaining the Highwind during Disc 2. This island isn't shown on your map but it's in the sea south of Cosmo Canyon, as shown in the screen shots on this page. The reason I call it Cactus Island is because when you run around in the dirt area on the island you'll encounter the Cactuer enemies (shown in a screenshot below).
I'm drawing your attention to this island for a single reason, Tetra Elementals. These are accessories which you can Morph the Cactuer enemies into that drains Fire, Cold, Lightning and Earth attacks - so basically almost every type of magic. You can't get this accessory anywhere else in the game and if you go out of your way very early on then you can get this accessory as early as midway through Disc 2.
The hardest part of obtaining this accessory is actually hitting the Cactuer enemies with Morph - and getting Morph to do good damage. For those of you who don't already know, Yuffie's Ultimate Weapon the Conformer ignores the damage limitation on Morph.
You can't get Yuffie's Ultimate Weapon until you reach the Sunken Gelnika though late on Disc 2, after acquiring the submarine. By this time in the story the Tetra Elemental loses a lot of its value, but it's still useful for you to pick up if you don't plan to use a Ribbon on that character instead.
For those of you out there who plan to try and get the Tetra Elemental accessory before the Conformer - I have a huge tip that will save you a bunch of aggravation.... Dazers! You may or may not have this item in your inventory already, it's an item that uses Stop on your opponent and it works on most opponents in the game.
If you're interested in learning more information about where to farm Dazers I recommend reading my where to get Dazers guide.