For blacksmithing I take a less traditional route than most people (I could never get into dairy spoons). Typically this course works best for the melee classes that have a higher strength and can easily carry all of those bulky items. I also have a natural tendancy to lean towards items that someone can actually use over vendor trash. Although there is almost zero market for most of these items, they do make nice gifts to a true newbie (if you are so inclined).
Note: Collect all of the rusty weapons you can lay your hands on. In Freeport the pawn shop selling rusty weapons had the prices nerfed. Your cheapest route is to harvest as many rust weapons as possible. Fortunately the drop rates on rusty weapons in the newbie zone seems to have been increased. You won't make a huge profit on blacksmithing from 1-115, but you can eek out a little profit if you farm the rusty weapons.
Recommended smithing path
1) Trivial 1-25 - Sharpen rusty weapons into tarnished weapons.
2) Trivial 26-31 - Make ore from the tarnsihed weapons, combine bricks, and make into Sheets of Metal. Save these for later
3) Trivial 31-35 - Make yourself a couple of files and make Studs. Save these for tailoring
4) Trivial 36-37 - Make Steel Boning. Save these for tailoring
5) Trivial 38-62 - This is super easy to do in East Freeport. Make Bucklers and sell back to vendor for small profit
6) Trivial 63-68 - Make Round Shields and sell back to vendor for small profit
7) Trivial 69-79 - Make Targ Shields and sell back to vendor for small profit
8) Trivial 80-82 (Optional) - Make Kite shield. Don't do this unless you intend to actually use it, since the recipe requires MQ ore.
9) Trivial 83-88 (Optional) - Make Tower shield. Don't do this unless you intend to actually use it, since the recipe requires MQ ore.
10) Trivial 90-115 - Make Banded Armor and sell back to vendor
11) Trivial 116-155 - Make Ornate Armor. You can either buy the HQ ore in Kaladin or POK, however, you may need to the ore quest to resupply the vendor. Alternatively you can hunt in Highpass Keep for the HQ ore as well. Because of the high price of platinum bars you will want to stop at Gold Ornate Mail. You can try to sell the armor in the Bazaar, but the resale value really depends on the server.
12) Trivial 156-188 - Fine Plate. The biggest problem is the leather padding, which if you are doing smithing in conjunction with tailoring you should have stacks by now. The only non-vendor purchased item is the padding. You will definitely want to get a Gearlock Hammer for this, for the failure cost can get rather high.
Post 188+ - Grit your teeth and bear it. Advancing beyond this point can be a bear. In my opinion human cultural smithing is very useful from 188-190s, however, you must be a human in order to produce the lower end cultural.