This. Basically, if you want to load up on ammo/health, from Central Yharnam, run to left gate, go into house, kill wheelchair guy for 4 bullets, and the other guy (who will sometimes drop health), then go outside and down the stairs to the two big guys, who almost always drop 4 health items together (they very rarely drop coins), then take the elevator down and go across the bridge, let the rock kill everything or kill them yourself (they can sometimes all drop stuff, or nothing), kill the next big guy for 2 health, go up the stairs to the area just before Father G's boss room and kill the 2 beasts for yet another 4 health items.
I do a slight variation, before going down to the 2 giants, run up through the building and kill the giant and 2 werewolves, that'll get you another 6-8 most of the time. Wolves for me go down in 3 hits so it's only a slight detour.