There are multiple schools of thought, on gaining...
1. Make whatever you can gain on, regardless of speed, based on lowest (or cheapest) material per item.
Example: if you've used a 120 PS, making oil cloths to 109.x, switch to cloth ninja hoods until 115.0, then switch to studded hiro sode until 120.
2. Make the hardest thing you can gain on, regardless of material cost, for quicker gains. This would mean lots of studded armor types over GM; bone armor if you have the raw materials.
For 1 or 2, you recycle what you can of the items made (for oil cloths, which stop in the 109s, this is making bandages out of the oil cloth, since you can't get cloth back. Bone armor, you can just stick into BODs)
OR
3. make stuff that you can gain on, that actually have other uses. This can actually involve items you would use in 1 or 2 above.
An example of this method is as follows:
Before starting - do the library quest in Britain.
a. Fill all your studded and bone BODs, until you run out of material or BODs. Turn in the BODs that you don't need for good reward large BODs, and get cloth for the smalls.
b. Prior to 115, use all the cloth from the BOD turn-ins to make cloth ninja hoods; turn them in to the Thief collection.
c. Go back to step a. with the new BODs you got in step a. the last time through, fill them. If still under 115, fo for the cloth ninja hoods to the library again.
d. If over 115, and no BODs handy to fill, make leather ninja hoods for the library.