We are in the same situation. We have a very small roster. We are 359 geared, we have some people wiht blues still. Its a hard game atm trying to get decent people in, we need more recruits atm for our raids.
Malorak is a fun rihgt, really good when u get it down, as a tip, have a Druid tank, tank him in Black phase, they take less dmg than most tanks, due to sheild + magic resist, only other tank that could is a dk. Then have a pala tank in the rest.
The Red Phase is the hardest, there are usually 3 breaths. First we take as a raid priest sheild aura mastery ect. 2nd Pala tank uses argent defender/priest wings and faces him away from everyone. 3rd another wings or over raid.
Other thing is make sure your dps are on there toes to interupt the storm, more than 1 tick is too much and can wipe you. Get 1 lock to keep up Curse of Tongues to make the ticks slower.
All in all its a hard fight, brutal on tanks, healers and dps. The aoe requirerment is really high. Get this rihgt and its a fun fight.
Our first kill video is:
http://www.youtube.com/watch?v=0J2DGhUuUM0 from our gms PoV