I agree on the double gathering notion, however there are numerous paterns that youcan learn at a low enough alch level that can net you some profit, even if you have to <gasp> buy the mats from the AH.
I would not suggest sticking with blacksmithing, from what I hear from blacksmiths in general is that the items thatcan be made from their craft is not nearly as shiny as those items that you can gather from drops.
Also, do not neglect your secondary profs, well lets just say not to neglect fishing shall we? Fishing may not seem like much early on, but once its maxed out, with some gear to buff it up a bit higher, you can fish up stonescale eels, and use your alchy to convert the eels into oils (which sell for a great chunk of change).