Consider this, my very first Spellfire piece is a belt which requires 4 Spellcloth and 10 Primal Fire. Each piece of Spellcloth requires a primal mana and a primal fire plus an Imbued Netherweave Bolt. So to create one piece of Spellcloth either costs about 100g or 1-2 hours of solid grinding. So practically one day to make enough Spellcloth for the belt.
Then it's just a small matter of getting 100 motes of fire to complete the belt. That's the easiest piece. The other parts need something between 8 and 12 Spellcloth to make, plus the Primals, which btw are an arse to get because you are fighting fire with fire.
I'd say it's pretty even to be honest. The only "benefit" we have is that we can buy our mats in the AH, but the cost would be greater than the value of the gear.
Spellfire Belt
4x Spellcloth = 340g
10x Primal Fire = 300g
2x Netherweb Spider Silk = 8g
Total cost = 648g
Windhawk Belt (Tribal LW equivalent)
6x Heavy Knothide Leather = 40g
16x Wind Scales = 28g
12x Primal Air = 360g
2x Primal Might = 250g
1x Primal Nether = Average 2 heroic instance runs
Total cost = 678g and 2 heroic instances
That's based on current AH prices and I have to pay for 290g worth of mine because I'm neither a skinner nor an alchemist, at least you have the option of making your own mats purely by being a tailor. To top it off, it's only a marginal improvement on
The Sleeper's Cord as a healing belt which is a regular mode 5 man drop. It's a good job the Sleeper's Cord is decent though, it's the only level blue 70 leather healing belt in the game.
Look on the bright side, one day when we attempt the heroic instances the Primal Nether will effectively be yours because you and Alt are the only LW that are likely to be contending for them
And enchanting, and blacksmithing, and tailoring (some of your 375 recipes need it). The only bright side to leatherworking is at least it's not engineering (the only profession in even more trouble than leatherworking).
As you may have guessed, I somewhat regret taking leatherworking past the warbear harness/devilsaur gauntlets level. I seem to have taken this thread way off topic though, apologies and I'll shut up now.