Thanks for all of that. I used Auctioneer years ago during BC. Perhaps I should jump back into it to help out. I do very minor versions of what you do anytime I see someone undercutting by too much. Instead of going under someone selling a stack of Ghost Iron Ore for 40g when everyone else is selling for 80+g I'll buy out all the lower and then sell them along with mine for 70g or whatever. Reselling the blues sounds like a really good idea.
Is your server pretty active? Mine says medium but it seems fairly dead and the AH is much less busy than I've experienced on some past servers. I imagine that will affect the ease of making big money playing the AH.
I'm on Frostmourne which is high pop, I've only played on high pop servers throughout my many years in WoW. From Proudmoore (Unofficial Oceanic PVE) > Blackrock (Unofficial Oceanic PVP) > Frostmourne (biggest Oceanic server, pvp).
You get more comp on bigger servers (can't stand selling glyphs, have given up on it), but you also get a lot more buyers as well. I guess Frostmourne horde is like high mids while Frostmourne alliance is high pop period.
There is no "5.4 valor gear" unless Blizzard pulls a last minute switcharoo. There are 496 epics on the Timeless Isle which you can upgrade to 535s somehow, so that will be the best non-raiding gear.
The 535 ilevel epics are made from using a Burden of Eternity on your choice of 496 epic. Seems to come from a "Blazing Chest", I'm guessing they will be using a similar system to the treasure trove chest on IoT so you can only loot one of them a week.
You can also buy them off Mistweave Ai on the Timeless Isle for 50,000 Timeless Coins, that NPC also directly sells 535 trinkets as well for the same price.
100,000 Timeless Coins = Heavenly Golden Cloud Serpent (Diff vendor, just putting this here)
50,000 Timeless Coins = Burden of Eternity, 535 Trinkets
20,000 Timeless Coins = 476 2h Epic Weapons
10,000 Timeless Coins = 476 1h Epic Weapons
7,500 Timeless Coins = 496 Epic Armor Item (looks like 1 random item for your spec, so it could be any of your 8 slots instead of being a specific one like the drops on the Isle)
7.500 Timeless Coins = Trinket to teleport to Timeless isle. (diff vendor)
http://ptr.wowdb.com/npcs/73305-mistweaver-ai#related:sells
You can also trade 500 Valor for a pouch of timeless coins, no idea how many reside in it.
And yeah this replaces Valor gear pretty much.
Heroic - ???
Ordos World Boss - 559
Normal - 553
Crafted Legs & Belt - 553 (takes like nearly a month of cooldowns to craft 1)
Flex - 540
Timeless Burden Gear - 535
SoO LFR - 528
Sha/Nalak of 5.4 - 522 PvP Gear + 2 slots of 553 Tier gear
Oondasta - 522
5.2 Valor Gear - 522
5.2 Crafted Helm and Boots - 522 (Haunting Spirits are 1k and dropping)
Heroic Scenario - 516
ToT LFR - 502
Honor Point Gear - 496 (the pvp stats are bonus stats, they have equal stats to pve gear, just diff allocations more than likely, buying weapons here is your best bet compared to wasting your Timeless Coins on inferior 476s)
Timeless BOA Epic Candy - 496