I currently do Enchanting and Tailoring. I have some 'secrets' I will not share, but I can give you useful advice nonetheless :wink:
To start, let me give my slant on some things which have been said. First, I dont think LW will be a waste due to drops being better. Yes, they will be, but LW (and any other craft) is 'on demand'. Sure, the AH is kind of 'on demand' as well, but you only get your pick of what is actually for sale, what your guild or friends can get you, etc.
Second, I dont think its really possible, unless you have financial backing, to keep your skills up to date with your level. Once you get to around 150 skill (lvl 20), you will probably start noticing your skills dropping to around 5 levels below your current level, unless you dedicate quite a bit of energy to it. However, since Im doing tailor/enchanter, YMMV, since LW/skinning can acquire their own resources more easily (without resorting to purchasing resources).
Third, what do *I* think your best course is? I would, in hindsight, suggest your best bet is to pick two 'gathering' professions and live large off the proceeds. You can make tall cash once you start getting Heavy Leather, since it is used both by LW and a few other special trade items (such as the 10-slot Silk Bags).
Finally, if you really DO want to delve into the sad world of crafting,
1. do it on an 'alt', and/or
2. do it once your main character reaches a high level
why? because at that point you can quickly and easily powerlevel the skill with a negligible amount of effort.
So, on to Enchanting specific advice. One 'secret' I will let you in on: you can get from 1-50 without even enchanting a single item, and I highly suggest you do so. Once you reach advance past 50, you can power level the skill with all the supplies you created going from 1-50.
After that, heaven help you =) Since you will, 98% of the time, your enchanting supplies will come from items you yourself have disenchanted, this makes for a huge resource sink. Meaning, rather than making [email protected]
l3wt selling stuff at the AH, you will be disenchanting it so you can create enchants which are, at best, marginally useful.
Why? Because lets face it- until you get to very high levels, equipment is pretty much of a disposable nature. And people will *probably* not want to commit much money to something of marginal value, and wisely so (IMO). That is why, for the most part, people really only want enchanters for the "GLOWY SWARD" effect, to borrow a term from a very funny guy I encountered during Open Beta.
That is why most people take tailoring as a combo- because it doesnt have a requisite gathering skill. But it still takes 'harvesting', since the normal course of adventuring isnt going to net you enough cloth to keep your skill current with your level. Yes, you can 'farm' cloth, but time spent farming is time not spent getting xp, so IMO its time technically wasted. So again, you fall back on requiring some sort money or materials from an external source behind you (higher level alt, guild, friends, etc).