If you are starting completely from scratch it is worth turning ruined pelts in to tattered/patchwork armour but going beyond that is more trouble than tailoring is worth (as an ogre shaman).
Blacksmithing may be worth it if you have the spare cash and a good skill up plan. I remember on my ranger it only took me around 100pp to make a full set of banded (including raising my skill to a high enough level to be able to make it), which isn't bad considering that is approximately the going rate for a set of banded! I do think I got a little lucky on my combines/skill ups with that one though.
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