I just made Legendary Smith on Atlantic. I made sure to keep track of how many ingots I'd used, and what I was making.
<pre>
Skill Made Ingots Smelt/Sell
100-105 Plate Gorgets 23k Smelt
105-110 Plate Gloves 52k 13k Smelt, 39k Sell
110-112.6 Plate Gloves 28.5k Sell
112.6-114.2 Plate Gloves 16k Sell
114.2-115 Plate Gloves 8k Sell
115-116.4 Plate Gloves 16k Sell
116.4-118.6 Plate Gloves 16k Sell
118.6-119.6 Plate Arms 15k Sell
119.6-120 Plate Legs 3k Sell
</pre>
Total ingots used
100-105 23k
100-110 75k
100-115 127.5k
100-120 177.5k
Somewhere between 105 and 110, I realized that the plate gloves I was making were giving me 7 ingots when smelted, but were selling for an average of 110 gold. So, I started selling, as the return was better and I had plenty of ingots.
When I switched from gloves, I originally tried Plate Helms. I gained, but they were selling for 10gp each. So, I switched to Arms. I gained just as well and they sold a lot better.
All told, I averaged about 10.5gp per ingot used when selling. Considering I bought them for 9gp per, that worked for me.
The Elves
Atlantic