All right. I tried a small batch of this. this is what I ended up with.
17 Stacks Saronite Ore x 17g/stack = 289g
Prospected Dark Jadex12 17g
Bloodstonex15 27g
Sun Crystalx8 15g
Huge Citrinex10 15g
Shadow Crystalx12 11g
Chalcedonyx16 92g
Autumn's Glowx6 91g
Scarlet Rubyx3 144g
Forest Emeralx3 24g
Twighlight Opalx1 12g
Monarch Topazx3 37g
Sky Sapphirex1 11g
Pure Gem Value = 494g
Net gain 205g
Looking good so far! :)
From here I determined which of the items/transmutes were profitable based on cost of mats vs. server price. I found the Crystal Chalcedony Amulet, Skyflare Diamond and Jade Dagger pendant not to be profitable. I also excluded Icy Prism from this data due to its 20h CD, taking away ones ability to actually farm this.
Items created Earthsiege Diamondx10 400g
Bloodstone Bandx15
Sun Rock Ringx8
Items Used Elemental Firex10 (300)g
Crystallized Earthx46 (46)g
Disenchant Results Infinite Dustx32 86g
Small Dream Shardx1 5g(value derived from price of Dream Shard)
Lesser Cosmic Essencex10 52g(derived from price of GCE)
Grand Totals Gold Spent:
17 Stacks of Saronite Ore (289)g
10 Elemental Fire (300)g
46 Crystallized Earth (46)g
Total Spent (635)g
Gold Attained:
10 Earthsiege Diamond 400g
2 Dark Jade 3g
12 Shadow Crystal 11g
16 Chalcedony 92g
6 Autumn's Glow 91g
3 Scarlet Ruby 144g
3 Forest Emerald 24g
1 Twighlight Opal 12g
3 Monarch Topaz 37g
1 Sky Sapphire 11g
32 Infinite Dust 86g
1 Small Dream Shard 5g
10 Lesser Cosmic Essence 52g
Total Attained 968g
Net Total 333g
Net Prospecting 205g
Net Saronite Shuffle 118g
Really, for the time it took to make the items, disenchant the items, and all the time it'll take to post and sell the various mats, I can't see the Saronite Shuffle being worthwhile. Will it make you money? Yes. Will it make you more money than other professions or farming? Probably not.
Some things to take into account are server prices. On another server, this process could yield greater or less net gains. Another note is that I obtained 17 Blue gems. That's a rate of 1 per stack of ore(4 prospects), which is a 25% rate. The tooltip shows these to be only a 4% drop. I think recently they changed the rate on them and may not have updated the tooltip. Even so, I can't imagine it actually being a 25% drop rate on blue gems, so this data may be skewed in favor of the Saronite Shuffle being viable. Some more data would be nice if somebody else can contribute.