like said, faction PvP reward mainly faction, factions titles are considered PvE in the HoM calculator (though you can get the statue's by doing PvP only, you can get them too when doing PvE only).
When you want to start doing PvP for the statue, the best place to start would be random arena's. You should check out PvX for some idea's bout a build (though it would be best to tweak one of the PvP builds to your own liking). Remember that you have to fight real people as smart as you and not bots and many skills work differently. There is a time consuming way to get 200 zkeys without doing real PvP but it takes time:
1: go do the zaishen elite daily (
http://wiki.guildwars.com/wiki/Zaishen_Elite). Check
http://www.gwpvx.com/Build:Team_-_Ba...aishen_Trapper for builds.
You only have to fight npc's, so it's basicly PvE, but in a PvP setting. It rewards 6000 balthasar points/day, so thats 6 z-keys every 5 days you do it.
2: use z-coins to get balthasar keys. 250 copper z-coins (traded into 1 gold z-coin) can be changed in a zkey. t should be possible, when doing the daily Iz-mission, z-bounty and z-vanguish, to get a zkey a day. Combining those two methods means you can get the zaishen key title at rank 3 (200 keys needed) in 100 days (3 months). When using the money rewarded for the daily's to buy keys you can shorten that even more.
If you want the title faster you either need to invest money in it (buy keys from other players) or do real pvp.