From a financial perspective, I'd say that weaponsmith becomes less and and less viable the higher you get. The problem is what another poster mentioned: why buy a T7 mastercrafted sword, when you can get a legendary sword with better stats and a higher damage rating? Miss that proc? No problem, just buy an adornhment. In my experience, the vast majority of weapons that are sold are lower tier (primarily steel, feysteel, a few ebon). Past T5, the rare ore is cheap and plentiful, and the weapons are not nearly as good as what you can get from running a few instances or searching the broker. Unfortunately, Domino has left weaponsmiths screwed to the post for a very long time and there's no indication that's going to change any time in the near future.