Yup the price of cloth on my realm is usually around 4-5G occasionally dropping to 3-3.5G a stack)
I generally find making netherweave bags quite profitable,
to make a bag you need 24 cloth and 1 rune thread,
each bag can sell for around 8-9g depending on realm, I have no problems selling these bags, it might not be quite as profitable as doing this but it doesn't rely on demand for arcane dusts and can still turn a decent proft,
you can almost double your monies:
even at 4g a stack
4x20 = 80G and 400 cloth
400/24 = 16.66 bags
rune thread = 45 x 16 = 7.2G
total cost form materials: 87.2G
Sell the bags for 9g Each so,
16 x 9 = 144G total
not a bad profit,