I've just added up all the quest requirements to become an Armorsmith....so for those of you thinking of following this path here is the damage!
Mithril 348 bars
True Silver 27 bars
Iron 40 bars
Citrine 4
Aquamarine 2
Black Pearl 5
Thick Leather 18
Mageweave cloth 12
Solid grinding stone 5
Heart of fire 1
This does'nt include the materials needed to achieve the smith skill of 245 (i think) needed to make the most difficult piece required by the quest.