You can make all your money on bods, but it takes some experimenting.
1) Your going to have to fill the bods with something. Mostly iron ingots. Your going to need LOTS of iron ingots. The colored ingots you can either mine or buy as you need them.
Not all bods are worthwhile. Not all will need ingots. Bods that give blacksmith PS as rewards really aren't worth it since most people simply buy the +20 PS and ignore the others. Thus as a bod filler I would never fill a bod that gave a +5 smithing PS, or a +10.
So, needing iron ingots, you can do 1 of 2 things. Buy them or mine them. Mining takes up bod filling time, but its worth while due to getting ingots yourself. Plus extra ingots you can sell off. Mining isn't hard, but it is boring.
But yes you can do bods and just buy everything. Thats the simpler way, but maybe not the most cost effective. For instance. This weeked I did some bods. I was bored and haven't done them for a year or so. I did them for about 2-3 days. I bought alot of weapons bods from vendors also for about 1k each, to fill and refresh the npcs.
Out of all the work. I received a copper runic, a bronze runic, and a gold runic hammer. On the open market, i might get 2.5 mil for all 3. give or take. Thats good coin. Spend 1 mil and buy 50k iron ingots and your set to fill tons more bods. That leaves you with 1.5 mil or so to buy weapons bods from others, maybe a bod you need here or there.
So yes its possible just have to remember what your getting yourself into. When bods first came out I was a bod FANATIC! The didn't have bod books back then, so I had a whole Tower dedicated to bods. I had spreadsheets listing exactly which bods I had (there are alot! 700 or so?). And I made plenty of money, had vendors with plenty of scrolls/runics/etc on them. I traded with well established bod hunters like myself, and I could check my spreadsheet for exactly what I needed and would PM/email the other traders with my requirements. Trading between other people is a must faster way to make stuff than simply doing it yourself. When you need a small spined leggings bod and you have 10 small spined glove bods, it gets a tad fustrating trying to fill that last one.